The World Bank unveiled a $12-billion aid package that will provide fast-track funds to help countries combat the coronavirus outbreak. "The goal is to provide fast, effective action that responds to country needs," World-Bank President David Malpass told reporters. He said it is critical to "recognize the extra burden on poor-countries" least equipped in the struggle to prevent the spread of the COVID-19 virus.

The US has classified India as a 'developed economy' to justify the country's removal from its GSP scheme. The scheme gives developing economies tariff-free access to the US, Business Standard reported. The United States Trade Representatives' (USTR's) office suspended India's GSP benefits in June 2019. It calculates a country's level of economic development based on its GNI and its share in global trade.

The World Bank has called for countries to step up programmes to fight the new coronavirus outbreak and said it was considering mobilizing its own resources against the disease. "We are calling on all countries to strengthen their health surveillance and response systems, which is essential to contain the spread of this and any future outbreaks," the institution said in a statement.