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News:The World Bank has announced a $1 billion assistance under the proposed Accelerating India’s COVID-19 Social Protection Response Programme.
Facts:
- Aim: To support India’s efforts at providing social assistance to the poor and vulnerable households severely impacted by the COVID-19 pandemic.
- Implementation: It will be implemented by the Ministry of Finance, Government of India.
- Funding: It will be funded in two phases – an immediate allocation of $750 million for fiscal year 2020 and a $250 million second tranche that will be made available for fiscal year 2021:
- The first phase will be implemented through the Pradhan Mantri Garib Kalyan Yojana(PMGKY).
- 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.
