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World Bank Group expands crisis toolkit for developing countries

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The World Bank approved a suite of groundbreaking tools to help  developing countries better respond to crises and strengthen  preparedness for future shocks. These new tools will further expand the  Crisis Preparedness and Response Toolkit unveiled  recently, empowering nations in a world where crises have become the  “new normal,” driving impactful development, and ultimately contributing  to creating a world free of poverty on a livable planet.

The  expanded Crisis Toolkit fills gaps based on lessons learned from  previous crisis response and substantially expands tools available to  countries to ensure comprehensive protection in times of crisis. The  newest tools will offer countries:

Fast access to cash for emergency response,  which will be done through flexible resource reallocation. This will  include the Rapid Response Option, allowing countries to quickly  repurpose a portion of their unused Bank financing across their  portfolio to address emergency needs when a crisis occurs. For instance,  in the event of a hurricane, a government will have the capability to  efficiently repurpose undisbursed funds from long-term infrastructure  projects like roads and bridges to ensure the immediate availability of  food and shelter for its citizens.

Substantially scaled up access to pre-arranged financing for World Bank Group  emergency response,  strengthening countries’ financial capacity and preparedness for future  crises. The Bank will provide new flexibility to help countries put in  place more contingent resources in preparation to future crises. It will  also expedite access to new financing for budget support when disasters  hit. This will equip them with immediately accessible money to manage  the impact of a disaster and support their citizens, with fewer  trade-offs between their development priorities and emergency financing  needs. Countries will undertake crisis preparedness reforms and other  institutional strengthening measures to further leverage these new  tools.

 

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