World Bank's $500m pandemic scheme accused of 'waiting for people to die'

A flagship $500m World Bank scheme to help the poorest countries deal with a health emergency is “too little too late” for the coronavirus outbreak, say health experts.

The first pandemic emergency financing (PEF) bonds were launched in 2017 by Jim Yong Kim, the bank’s president at the time, after the Ebola outbreak in west Africa. Designed to potentially “save millions of lives and entire economies” by speedily funnelling money to nations facing pandemics.

But critics say the “insanely complicated” terms of the high-interest bonds are heavily skewed towards investors, while for the victims any payouts may come too late, if at all.

One economist described the bonds, payouts from which depend on how deadly the outbreak is, as “obscene”.

https://www.theguardian.com/global-development/2020/feb/28/world-banks-500m-coronavirus-push-too-late-for-poor-countries-experts-say