The World Bank Country Director for Maldives, Nepal, and Sri Lanka has stated that the employment impact to the Maldives from the Covid-19 crisis is likely to persist well into 2021.
He stated this following the World Bank’s Board of Executive Director's approval on the additional financing of $21.6 million to further help the Maldives mitigate the economic impact of the Covid-19 crisis on poor and vulnerable workers and their families.
The additional financing will be utilized to expand the existing Covid-19 Emergency Income Support Project. It will help finance the extended duration of the Government’s Covid-19 Income Support Allowance scheme by continuing to provide temporary support of up to MVR 5,000 per month to workers who have lost their jobs or income as a result of the coronavirus pandemic.
“The employment impact of the crisis is likely to persist well into 2021,” said Faris. H. Hadad-Zervos, the World Bank Country Director for Maldives, Nepal, and Sri Lanka. “Extending the Covid-19 Emergency Income Support Project with more funding will help workers in the Maldives continue to receive sufficient income to meet their basic expenses.”
The existing Covid-19 Emergency Income Support Project was approved by the World Bank’s Board of Executive Directors in June 2020 with funding of $12.8 million. Since its launch, the Covid-19 Emergency Income Support Project has played a significant role in protecting the livelihoods of vulnerable workers in the Maldives.
The Covid-19 Emergency Income Support Project is implemented by the Ministry of Economic Development with support from the National Social Protection Authority and Maldives Pension Administration Office. The total additional financing is $21.6 million, which is fully covered under a grant from the International Development Association (IDA), the World Bank’s concessional credit window for developing countries.
He stated this following the World Bank’s Board of Executive Director's approval on the additional financing of $21.6 million to further help the Maldives mitigate the economic impact of the Covid-19 crisis on poor and vulnerable workers and their families.
The additional financing will be utilized to expand the existing Covid-19 Emergency Income Support Project. It will help finance the extended duration of the Government’s Covid-19 Income Support Allowance scheme by continuing to provide temporary support of up to MVR 5,000 per month to workers who have lost their jobs or income as a result of the coronavirus pandemic.
“The employment impact of the crisis is likely to persist well into 2021,” said Faris. H. Hadad-Zervos, the World Bank Country Director for Maldives, Nepal, and Sri Lanka. “Extending the Covid-19 Emergency Income Support Project with more funding will help workers in the Maldives continue to receive sufficient income to meet their basic expenses.”
Great news! @WorldBank’s Board of Executive Directors just approved additional financing of $21.6 million to help workers in #Maldives impacted by the #COVID19 crisis. Read more: https://t.co/X0Lfcjio2m
— World Bank Maldives (@WBMaldives) January 26, 2021
The existing Covid-19 Emergency Income Support Project was approved by the World Bank’s Board of Executive Directors in June 2020 with funding of $12.8 million. Since its launch, the Covid-19 Emergency Income Support Project has played a significant role in protecting the livelihoods of vulnerable workers in the Maldives.
The Covid-19 Emergency Income Support Project is implemented by the Ministry of Economic Development with support from the National Social Protection Authority and Maldives Pension Administration Office. The total additional financing is $21.6 million, which is fully covered under a grant from the International Development Association (IDA), the World Bank’s concessional credit window for developing countries.
