Tuesday, March 21st, 2023 19:51:17

ADB assures India of 2.2 bn US dollar support to fight against COVID-19

Updated: April 10, 2020 2:05 pm
Asian Development Bank today assured India of 2.2 billion US dollar support to fight against the COVID-19 pandemic.  ADB President Masatsugu Asakawa commended the Indian Government’s decisive response to the pandemic, including a National Health Emergency programme. He commended tax and other relief measures provided to businesses. ADB President also appreciated 1.7 lakh crore rupees economic relief package to provide immediate income and consumption support to the poor, women, and workers affected by the nationwide lockdown.

ADB in a statement said that weakening global economic growth is causing disruptions in India’s trade and manufacturing supply chains, along with the slowdown in tourism and other economic activities. ADB said, it is also engaged with the private sector to meet its financing needs during this period.

On 18th of March, ADB announced an initial package of approximately 6.5 billion US Dollars to address the immediate needs of its developing member countries, including India, as they respond to the COVID-19 pandemic. It added, ADB stands ready to provide further financial assistance and policy advice whenever the situation warrants.

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