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Global Food and Nutrition Security

Global Food and Nutrition Security

World Bank Approves $12.8 Million to Support Maldives’ Workers Impacted by COVID-19

WASHINGTON, D.C., June 9, 2020 — The World Bank’s Board of Executive Directors today approved a $12.8 million COVID-19 Emergency Income Support Project to help Maldives mitigate the economic impact of the COVID-19 crisis on poor and vulnerable workers and their families. The project also aims to increase the capacity of the country’s social protection programs to respond to future emergencies.

 
Projected poverty impacts of COVID-19 (coronavirus)

Poverty projections suggest that the social and economic impacts of the crisis are likely to be quite significant. Estimates based on growth projections from the June 2020 Global Economic Prospects report show that, when compared with pre-crisis forecasts, COVID-19 could push 71 million people into extreme poverty in 2020 under the baseline scenario and 100 million under the downside scenario. As a result, the global extreme poverty rate would increase from 8.23% in 2019 to 8.82% under the baseline scenario or 9.18% under the downside scenario, representing the first increase in global extreme poverty since 1998, effectively wiping out progress made since 2017. While a small decline in poverty is expected in 2021 under the baseline scenario, projected impacts are likely to be long-lasting.

 
Covid-19 response in Bolivia: EU budget support for more productive, better fed communities

In late March, the European Union made €5 million available from an EU budget support programme for family farming and food sovereignty. This timely disbursement helped support the Government’s efforts to improve food security concerns as part of the national Covid-19 pandemic crisis response. Part of the EU’s broader efforts to support Bolivia in fighting the drugs trade and achieving comprehensive development, the programme feeds into a national strategy to help communities whose inhabitants are tempted to migrate away to coca-leaf production areas.

 
Challenges for agri-food trade in February 2020

February 2020 presented a number of challenges for agri-food trade, including the Covid-19 pandemic, US tariffs, and UK’s withdrawal from the EU. In the face of these challenges, the EU’s agri-food exports reached a monthly value of €15.1 billion (an increase of 4.6% compared to February 2019), while the value of imports came to €9.8 billion (0.7% above the level of February 2019).