London Daily

Focus on the big picture.
Friday, Aug 01, 2025

Britain the only country to meet the needs of world's poorest during the pandemic, says World Bank

Britain the only country to meet the needs of world's poorest during the pandemic, says World Bank

The bank has pledged $160bn to help countries tackle the pandemic and its ramifications, but says few rich nations have stepped up to help
The World Bank says richer countries, with the exception of Great Britain, are not stepping up to help poorer countries in the face of the pandemic.

The World Bank's managing director of operations, Axel van Trotsenburg, said that the contributions from higher-income governments have been "flat or declining", a marked difference from what happened during the 2009-2010 financial crisis.

"With the notable exception of the UK, which has been an absolute leader, the contributions by governments have been much more flat or declining," he told The Telegraph.

"We saw the greatest generosity ever... during the depths of the financial crisis. We need that again. We cannot think that we can solve the problem in OECD countries alone. If you leave the poor countries out, it will not solve this problem.

"We have to look at the human face of this crisis, then realise that it would be a very good investment indeed if we could continue supporting these countries during this difficult time," he added.

The UK, the world's sixth biggest economy in 2019, pledged $3.8bn to the world's poorest countries via the World Bank's International Development Asosciation (IDA), in April this year, eclipsing Japan, the United States and France.

The World Bank's financial reserves come from several sources - from funds raised in the financial markets, earnings on its investments, fees paid in by member countries, contributions made by members and from the borrowing countries themselves, when they pay back their loans.

However, the World Bank itself has also faced criticism for the speed of its response, with a paper from the US-based Center for Global Development (CGD) last week suggesting that the organisation is not responding quickly or dramatically enough to the scale of the crisis caused by Covid-19.

The World Bank has pledged up to $160bn to client countries, starting quickly in spring this year. But CGD said that, for example, while lending has accelerated, with loan commitments up 118 per cent year on year, actual disbursements - payments of money to the countries themselves - has only increased by 31 per cent.

The co-author of the paper, CGD senior fellow Justin Sandefur, said: "The bank is doing more than it did during the global financial crisis for the poorest countries, but in the global financial crisis, the poorest countries came out relatively unscathed, because they were not as integrated into the New York or London credit markets and so on.

"Now, the magnitude of the shock in lower income countries is several fold larger - and they are getting a bit more money out of the World Bank. Relative to the scale of the crisis, this is sort of a pittance."

For its part, the World Bank said it is providing "large net positive flows" to the world's poorest countries - meaning the countries are getting more money than they are currently paying to service their debts.

It said it was making "rapid progress" in directing financing to client countries, including a recent $12bn pledge to ensure that vaccines are available equitably around the world. It added that it had already committed $43bn, or 41 per cent of the $104bn capacity indicated in March for the 15 months from April 2020 to June 2021: $25bn to the poorest countries, and $18bn to middle-income countries.

In the financial crisis in 2009-11, World Bank financing totaled $149bn, mainly to middle-income countries. Around $15bn went to the poorest countries.

Mr van Trotsenburg said an increasing amount of the financing this time was via grants rather than loans - which only come from the international community rather than the private sector, making commitments from countries even more important.

Regarding loans, he said making sure debts were fair for all involved was important, while ensuring that long-term development did not fall by the wayside as focus turned to the immediate crisis.

"There are always national interests, but we have to find the balance. The World Bank was created to find unity and not division and so we are deliberately looking at where are the commonalities, where can we move forward," he said.

"This is going to be important: only together will we be able to make a difference."
Newsletter

Related Articles

0:00
0:00
Close
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
×