ADB to help India with USD 2.2 bn support package due to COVID-19 outbreak
By MYBRANDBOOK
To support India to fight against COVID-19 pandemic, Asian Development Bank (ADB) President Masatsugu Asakawa assured Finance Minister Nirmala Sitharaman of USD 2.2 billion (about Rs 16,500 crore).
In a call, Masatsugu Asakawa praised Indian government’s decisive response to the pandemic, including a national health emergency program, tax and other relief measures provided to businesses and a USD 23 billion (Rs 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 USD 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," Asakawa said.
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.
Asakawa said the policy measures announced by the government will provide much-needed relief and stimulus to the most vulnerable people as well as businesses and become a basis for faster recovery.
On March 18, ADB announced an initial package of approximately USD 6.5 billion to address the immediate needs of its developing member countries, including India, as they respond to the COVID-19 pandemic, it said, adding, ADB stands ready to provide further financial assistance and policy advice whenever the situation warrants.
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