World Bank approves $1 billion social protection package for India

In wake of the COVID-19 pandemic, the World Bank has announced $1 billion social protection package for India. This package will be linked to the programmes launched by the Government of India. Hence, it will support India’s efforts at providing social assistance to the poor and vulnerable households who severely impacted by the COVID-19 pandemic.

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The $1 billion social protection package for India has taken the total commitment from the World Bank towards emergency COVID-19 response in India to $2 billion. The social protection package for India would be funded in two tranches in the following manner:

  • First tranche will be made available as an immediate allocation of $750 million for fiscal year 2020.
  • Second tranche would be remaining $250 million that would be made available for fiscal year 2021.

Important takeaways for all competitive exams:

  • President of World Bank: David Malpass.
  • Headquarter of World Bank: Washington DC.

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