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PH to apply for a $ 500 million line of credit from the World Bank for the rehabilitation of Odette

Suite Odette, Amio, Sta. Catalina, Negros Oriental

THE government will access the World Bank’s 500 million dollars (approximately 24.96 billion pesos) line of credit for the rehabilitation of areas affected by Typhoon “Odette”, according to the Ministry of Finance.

“The financing of the rehabilitation after the typhoon is secured thanks to the loan of 500 million dollars recently signed by the World Bank. As soon as the state of national calamity is declared, the required funds will be immediately withdrawn,” the secretary announced on Tuesday. at Finances Carlos Dominguez 3rd.

It refers to the World Bank’s Fourth Disaster Risk Management Development Policy Loan with a Disaster Deferred Withdrawal Option, which was approved on November 17 of this year. It gives $ 500 million in funds that the Philippines can use immediately to deal with the financial consequences of disasters and epidemics.

The Washington-based multilateral lender said the country can access money if the government declares a state of calamity due to an impending or ongoing natural disaster or declares a state of public health emergency.

Due to the destruction caused by “Odette”, a number of affected provinces in Visayas and Mindanao have been designated as states of calamity.

President Rodrigo Duterte has already pledged to provide 4 billion pesos for relief and reconstruction operations in the Visayas and Mindanao.

The World Bank has been “warned” of the government’s next request for funding, according to Dominguez.

“The amount to be drawn will be determined as soon as the respective agencies provide the figures to the Department of Budget and Management / Department of Finance and approved by the Office of the President,” he said.