The Duterte administration has entered into 22 loan agreements with the World Bank Group (WBG) over the past five years, the bulk of which have been used to help fund the country’s war chest against the Covid-19 pandemic. 19, reported the Ministry of Finance (DOF). .
In a Monday, April 25 statement, Finance Secretary Carlos G. Dominguez III said the Washington-based multilateral institution had provided 22 loan agreements to the Philippines since President Duterte took office, at a cost of $7.53 billion.
The WBG’s total financial support to the government is equivalent to P395 billion.
“Fifteen (15) of these 22 agreements were for an aggregate amount of $6.15 billion [roughly P322.6 billion] and which were used for the government’s Covid-19 response program,” the DOF said.
On the sidelines of the 2022 Spring Meetings of the International Monetary Fund (IMF) and WBG in Washington DC, Dominguez met with World Bank Vice President and Chief Operating Officer Axel Van Trotsenburg.
Dominguez told Trotsenburg that the Philippines has a “deep appreciation” for the assistance provided by the WBG.
Trotsenburg, in turn, thanked Dominguez for his “great leadership and cooperation,” which enabled the WBG to play a useful and effective role in extending its support to the Philippines.
Besides the WBG, the Philippines has also tapped the Asian Development Bank (AfDB) and the Asian Infrastructure Investment Bank (AIIB) for the Philippines’ Covid1-19 vaccination program and budget support.
Dominguez said the trilateral cooperation between the world’s major multilateral development banks (MDBs) to jointly provide financial support for the national Covid-19 inoculation program has given this effort the “seal of good stewardship.”
This assured Filipinos that buying the vaccine doses was legal and honest, Dominguez said.
The trilateral collaboration between the three MDBs was an offshoot of a proposal raised by Dominguez in 2017 for multilateral institutions to coordinate to eliminate overlapping functions, reduce costs, and be more efficient and responsive in provision of Official Development Assistance (ODA) to Member States. -countries.
Dominguez said this trilateral cooperation could be replicated to leverage finance for other development projects, especially climate adaptation and mitigation initiatives by emerging economies like the Philippines.
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