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Illustration (Photo:Medcom.id/M Rizal)
Illustration (Photo:Medcom.id/M Rizal)

ADB Announces $6.5 Billion Initial Response to Coronavirus Pandemic

English global economy (en) health and life (en)
Wahyu Dwi Anggoro • 19 Maret 2020 13:09
Jakarta: The Asian Development Bank (ADB) today announced a $6.5 billion initial package to address the immediate needs of its developing member countries (DMCs) as they respond to the covid-19 pandemic.
 
"This pandemic has become a major global crisis. It requires forceful action at national, regional, and global levels,” said ADB President Masatsugu Asakawa in a press release on Thursday, March 18, 2020.
 
“With our developing member countries, we are formulating an aggressive set of actions to combat the pandemic; to protect the poor, the vulnerable, and wider populations across the region; and to ensure economies will rebound as swiftly as possible. Based on close dialogue with our members and peer institutions, we are deploying this $6.5 billion rescue package to meet the immediate needs of our members," Asakawa added.

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According to Asakawa, ADB stands ready to provide further financial assistance and policy advice down the road whenever the situation warrants, on top of the $6.5 billion package.
 
The initial package includes approximately $3.6 billion in sovereign operations for a range of responses to the health and economic consequences of the pandemic, and $1.6 billion in nonsovereign operations for micro, small, and medium-sized enterprises, domestic and regional trade, and firms directly impacted.
 
ADB will also mobilize about $1 billion in concessional resources through reallocations from ongoing projects and assessing possible needs for contingencies. ADB will make available $40 million in technical assistance and quick-disbursing grants.
 
To provide the support package to DMCs as quickly and flexibly as possible, ADB will seek adjustment in its financing instruments and business processes.
 
ADB will further strengthen its close collaboration with the International Monetary Fund, the World Bank, regional development banks, the World Health Organization, and major bilateral funding agencies including the Japan International Cooperation Agency, as well as the US Centers for Disease Control and private sector organizations, to ensure effective implementation of its covid-19 response.
 
Since its first COVID-19 response in February 2020, ADB has already provided more than $225 million to meet urgent needs of both governments and businesses in DMCs.
 

(WAH)
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