World Bank provides US$150M to fight zika in Caribbean
The World Bank has provided US$150 million to fight the zika virus in the Caribbean and Latin America.
The Bank, who made the announcement on Thursday also said if additional financing is needed it stands ready to increase its support.
The lending institution said the amount is based on the current demands from countries for financing and “follows extensive engagement with governments across the region, including sending teams of technical experts to affected countries”.
“Our analysis underscores the importance of urgent action to halt the spread of the Zika virus and to protect the health and well-being of people in the affected countries,” said Jim Yong Kim, President of the World Bank Group.
“The World Bank Group stands ready to support the countries affected by this health crisis and to provide additional support if needed,”he continued.
The bank also expressed concern for countries that are highly dependent on tourism, particularly the Caribbean. Those with the largest risk due to a fall in tourism include islands Jamaica, Cuba, the Bahamas, Antigua, Belize and Barbados, according to the Bank.
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“(Which) could suffer losses in an excess of one percent of GDP and may require additional support from the international community to stem the economic impact of the virus. As new knowledge continues to emerge about Zika virus transmission and impact, or should public perceptions of risks from Zika rise sharply, the economic impacts will be reassessed.”
This announcement was accompanied by the release of initial projections that the short-term economic impact of the virus on the region will be modest, totaling US$3.5 billion, or 0.06% of GDP in 2016.
The financial institution, however noted that the initial estimates are predicated on a swift, well-coordinated international response to the Zika virus. They also assume that the most significant health risks—and related behaviors to avoid transmission—are for pregnant women.
“This follows the World Health Organization’s February 1 declaration of the suspected link between Zika virus infection during pregnancy and microcephaly in newborns.”
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