TOKYO: Japan will contribute a record $3.4 billion in fresh capital to the International Development Association, the government said Tuesday at an online meeting of the World Bank affiliate that started the same day.

   The online meeting, hosted by the Japanese government, will be held for two days to discuss procuring funds to finance novel coronavirus countermeasures in low-income countries, with the aim of raising at least 90 billion dollars in new capital.

   In light of the emergence of the new omicron variant of the coronavirus, Japanese Prime Minister KISHIDA Fumio said in a video message, “I have reaffirmed the need to contain (the pandemic) globally, including in developing countries.”

   “Japan will make its largest-ever contribution (to the IDA) to help low-income countries overcome the coronavirus crisis as soon as possible,” he said.

   Japanese Finance Minister Shunichi Suzuki said that the solidarity of the world is needed at a time when the results of efforts to eradicate poverty and share prosperity are in danger of receding, calling on IDA member countries to cooperate in financial contribution to the agency.

   The IDA, which provides support to low-income countries, increases its capital every three years. In the previous capital hike, in 2019, member nations agreed to put up a total of 82 billion dollars.

   This time, the IDA will raise capital one year ahead of schedule in response to the coronavirus crisis.

JIJI Press