• The Government of India and the World Bank signed an agreement for $750 million of $1 billion assistance proposed for Accelerating India’s COVID-19 Social Protection Response Programme to support India’s efforts at protecting vulnerable households impacted by the COVID-19 pandemic.
• The program will be implemented by the Ministry of Finance, Government of India.
• This takes the total commitment from the Bank towards emergency COVID-19 response in India to $2 billion. A $1 billion support was announced earlier in April 2020.
• This new support will be funded in two phases – an immediate allocation of $750 million for the fiscal year 2020 and a $250 million second tranche that will be made available for the fiscal year 2021.
• The first phase will be implemented countrywide through the Pradhan Mantri Garib Kalyan Yojana (PMGKY). It will immediately help scale-up cash transfers and food benefits using platforms of Public Distribution System (PDS) and Direct Benefit Transfers (DBT).
• In the second phase, additional cash and in-kind benefits based on local needs will be extended through state governments and portable social protection delivery systems.
Mains Paper 2: International
Prelims level: World Bank for COVID-19 relief