On Thursday, the Inter-American Development Bank (IDB) announced that it had increased available resources for different Latin American and Caribbean nations, says an article. The decision was based on the plan to combat the challenges brought by the COVID-19 pandemic. The resources available were increased from $2 billion to $12 billion. The increase was a promise made by the bank a few weeks in the past.

Providing Assistance to the Governments and Businesses of Different Nations 

The total additional resources will be available to governments and businesses of the countries in the region. The additional funds will help the region address the growing public health crisis brought by the COVID-19 pandemic.

The Focus of the Resources Provided by IDB

The resources provided by the IDB is centered on protective measures to assist vulnerable populations. Also, it aims to provide employment and production support. Additionally, the resource will be focusing on fiscal policies to lessen the impact of the COVID-19 pandemic on Latin American economies.

According to the President of IDB Luis Alberto Moreno, the bank is already reprogramming to address the public health emergency brought by the deadly novel coronavirus. However, the historic dimensions of the current crisis will need a multi-sectoral strategy that considers the impact on social and economic factors over the medium and long term, Moreno added.

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Furthermore, governments can request that the resources reserved for the on-going project be transferred to the purpose of supplying the needs caused by the COVID-19 pandemic.

Out of the total sum IDB Invest, $4.5 billion will be available to businesses that were impacted by the COVID-19 crisis. IDB Invest is the company's department that services the private sector.

COVID-19 Cases in the Latin American and Caribbean Nations

Worldwide, the highly contagious disease COVID-19 had infected more than 490,000 individuals. Additionally, it had taken the lives of more than 22,000 people in the world.

In the Latin American and Caribbean regions, there are 31 countries and 12 territories who have reported positive cases of the novel coronavirus infection says an article. Approximately, there are a total of 5,464 confirmed cases and 67 deaths in the entire region.

Brazil, Chile, Ecuador, Peru, and Panama had reported the highest total number of COVID-19 cases. Some of these nations had already closed their borders and declared a state of emergency.  

The COVID-19 pandemic had negatively affected the region's tourism, productivity, and trade.

In response to the growing threats of the pandemic, many Latin American nations are already implementing intense and costly measures similar to those being implemented by different countries in the world. Many are already considering a measure that has significant social and economic impacts in the long term such as border and school closures.

Also, the arrival of the deadly illness in the region had forced the government to review the level of public investment in their health care system. Also, there are looking into the adequacy of investments in public health which includes prevention of the spread of illnesses and health promotion.