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COVID-19: ADB assures $ 2.2 billion support package to India

ADB assistance for India for fighting the COVID-19 pandemic, will be further increased if needed, said its president Masatsugu Asakawa

ADB assistance for India for fighting the COVID-19 pandemic, will be further increased if needed, said its president Masatsugu Asakawa   | Photo Credit: Reuters

The Asian Development Bank chief commends the Indian government’s decisive response to the pandemic

Asian Development Bank (ADB) President Masatsugu Asakawa on Friday assured Finance Minister Nirmala Sitharaman of $2.2 billion (about ₹ 16,500 crore) support to India in its fight against the COVID-19 pandemic.

Interactive map of confirmed coronavirus cases in India

In a call, Mr. Asakawa commended the Indian government’s decisive response to the pandemic, including a national health emergency program, tax and other relief measures provided to businesses and a $23 billion (₹1.7 lakh crore) economic relief package announced on March 26 to provide immediate income and consumption support to the poor, women, and workers affected by the three-week nationwide lockdown.

“ADB is committed to supporting India’s emergency needs. We are now preparing $2.2 billion in immediate assistance to the health sector and to help alleviate the economic impact of the pandemic on the poor; informal workers; micro, small, and medium-sized enterprises; and the financial sector,” Mr.Asakawa said.

Watch | COVID-19: Dos and don'ts from the Health Ministry

ADB is also engaged with the private sector to meet its financing needs during this period, ADB said in a statement.

“ADB assistance for India will be further increased if needed. We will consider all financing options available with us to meet India’s needs, including emergency assistance, policy-based loans, and budget support to facilitate swift disbursement of ADB funds, he said.

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Printable version | May 27, 2020 8:08:18 AM | https://www.thehindu.com/news/national/covid-19-adb-assures-22-billion-support-package-to-india/article31305787.ece

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