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Coronavirus: ADB triples COVID-19 response package size to $20 billion

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, said ADB President Masatsugu Asakawa

twitter-logoPTI | April 13, 2020 | Updated 15:47 IST
Coronavirus: ADB triples COVID-19 response package size to $20 billion

The Asian Development Bank (ADB) on Monday said it has tripled the size of its Covid-19 response package for its member nations to USD 20 billion. The multilateral funding agency said it has also approved measures to streamline its operations for quicker and more flexible delivery of assistance.

The package expands ADB's USD 6.5 billion initial response announced on March 18, adding USD 13.5 billion in resources to help its developing member countries counter the severe macroeconomic and health impacts caused by Covid-19, it said in a release.

The USD 20 billion package includes about USD 2.5 billion in concessional and grant resources, it added.

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, said ADB President Masatsugu Asakawa.

The package will be delivered more quickly, flexibly, and forcefully to the governments and the private sector in our developing member countries to help them address the urgent challenges in tackling the pandemic and economic downturn Asakawa added.

INDIA CORONAVIRUS TRACKER: BusinessToday.In brings you a daily tracker as coronavirus cases continue to spread. Here is the state-wise data on total cases, fatalities and recoveries in one comprehensive graphic

Also read: Coronavirus impact: ADB assures India of $2.2 billion support package

Also read: Coronavirus India Live Updates: India lockdown 2.0! PM Modi to address nation at 10 am on April 14

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