World Bank approves 400mn dollars loan to Philippines

The World Bank on Friday approved a $400 millionloan to support reforms that will assist the Philippine government in achieving a resilient financial sector and help ensure a more inclusive recovery from the Covid-19 pandemic.

The bank said the Philippines First Financial Sector Reform Development Policy Financing loan is the first of two programs supporting three reform areas, including strengthening financial sector stability, integrity, and resilience, reports Xinhua news agency.

The loan will also expand financial inclusion for individuals and firms and promote disaster risk finance that protects national budgets and businesses and the lives and livelihoods of families from the impacts of disasters, the bank added.

The health crisis, the economic impact of containment measures, and the global slowdown have increased the urgency for reforms, not only to ensure financial sector stability or financial inclusion, but also to support economic recovery and minimise the impact of future shocks particularly on poor and vulnerable segments of the population, Ndiame Diop, World Bank Country Director for Brunei, Malaysia, Philippines and Thailand, said in a statement.

0

0