ADB ASSURES COVID-19 SUPPORT PACKAGE
11, Apr 2020
Prelims level : International Organisations – Asian Development Bank Mains level : GS-II Bilateral, regional and global groupings and agreements involving India and/or affecting India’s Interests.
Why in News?
- The Asian Development Bank (ADB) has assured the Ministry of Finance of USD 2.2 billion (about Rs 16,500 crore) support to India in its fight against the Covid-19 pandemic.
ADB’s Support to India:
- It is now preparing USD 2.2 billion in immediate assistance in response to Covid-19 to the health sector to help alleviate the economic impact of the pandemic on the poor.
- ADB announced an initial package of approximately USD 6.5 billion to address the immediate needs of its developing member countries, including India, as an response to the Covid-19 pandemic.
- ADB is also engaged with the private sector to meet its financing needs during this period.
- It is ready to provide further financial assistance and policy advice whenever the situation warrants.
- ADB is also planning to consider all financing options available to meet India’s needs, to facilitate swift disbursement of ADB funds including emergency assistance, policy-based loans, and budget support.
ADB praised efforts of the Government:
- ADB praised the Indian government’s decisive response to the pandemic, including
- Rs 1.7 lakh crore economic relief package (Pradhan Mantri Garib Kalyan Yojana), which provides immediate income and consumption support to the poor, women, and workers affected by the three-week nationwide lockdown.
- A national health emergency program.
- Tax and other relief measures provided to businesses.
About Asian Development Bank:
- ADB is a regional development bank established in the year 1966. ADB is headquartered in Manila, Philippines. ADB now has 68 members, 49 from within Asia.
- Japan holds the largest proportion of shares in ADB followed by the USA.
- It aims to promote social and economic development in Asia.
- ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.