As per a release on Monday, Asian Development Bank has announced the tripling of the initial COVID-19 relief package to dollar twenty billion.
ADB said in a release that the package to be released expands the initial package of US 6.5 billion dollars adding US 13.5 billion dollars in the resources meant to provide aid to its developing member countries in order to fight against the coronavirus which has crippled the economies of major countries.
The international bank has also streamlined its operations to have much quick and delivery of assistance to rescue the world from falling into recession due to coronavirus lockdown.
On 18 March, the announcement made by multilateral lender, a 6.5 dollar billion package for 31 DMCs to have a recovery in the full speed of their economies. It has added another dollar 13.5 billion as the virus spread continues and lockdown measures bring economies to a grinding halt.
The multilateral funding agency said it has also approved measures to streamline its operations for quicker and more flexible delivery of assistance.
ADB’s president, Masatsugu Asakawa, said: “This pandemic threatens to severely set back economic, social, and development gains in Asia and the Pacific, reverse progress on poverty reduction, and throw economies into recession.”
ADB Increases Aid to $20 Billion
ADB Triples COVID-19 Financial Aid to $20 Billion for its Member Nations.
The most recent assessment made by funding agency in this month earlier has estimated the impact of the pandemic globally to about 2.3 to 4.8 percent of the gross domestic product (GDP), wherein the growth forecast regionally for the Asia and Pacific is forecasted to decline to 2.2 percent during 2020 from 5.2 percent in the last year.
A package amounting to two billion dollars for the financial sectors and private sectors will be made available via loans and guarantees as well as microfinance loans for enterprises of medium size and, there will be direct financing for companies.
ADB said that under the expanded package, all support will be provided in close collaboration along with international organizations, including the International Monetary Fund (IMF); World Bank Group; World Health Organization, UNICEF and other UN agencies; and the global community at a broader level. The coronavirus pandemic has so far taken around 1,15,000 lives all over the world and has left more than 1.8 million people infected.