With a large number of the death toll due to COVID-19, and with a crippled economy half a billion people into poverty line as warned by Oxfam.
As per the report by the charity, most people who are having household incomes are on shrinkage due to this disease. The report further added that this economic crisis is much worse than the 2008 global financial crisis.
According to estimation, this economic crisis will lead the countries to a poverty line which was seen some three decades ago.
Oxfam has rung the alarm for a package that will rescue falling out small business, by the granting of cash from governments of poor countries.
About 600 million people are prone to the risk of decline in economies, as major businesses have been shut down due to the lockdown, as per the Oxfam’s new report Dignity Not Destitution.
A debt relief call has been made as economies are falling apart.
Poverty After Virus
King’s College London and the Australian National University have conducted research, which estimated that about half of the world’s people might live in poverty after this virus ends.
Oxfam says that Finance ministers of G20, the IMF and the World Bank in the stage to provide countries that are in developing stage to provide cash to rescue poor and falling out communities.
IMF has created an international backup, to issue 1 million dollars, as a one time boost up for falling out nations.
Oxfam says that over 2 billion people have informal work that does not have any sick pay. Financially women are to be hit the most against men, as they account for 75 percent of unpaid workers with no sick leave, or poorly paid with no benefits.
Many women, for example, Bangladeshi garment workers have been sent home due to the coronavirus thus making them sent home without pay.
Funds that are to be collected from the cancellation of debts to be paid for 2020 would act as nitrous for countries that are in very much need of cash, as said by Oxfam.
Micah Olywangu, the father of 3 who is a taxi driver, resident of Nairobi, Kenya, has not earned since the lockdown has begun which has resulted in the closing of bars, airports, and restaurants have said to Oxfam that ” this virus will starve us before it makes us sick.”