India’s $23bn relief package commended
Asian Development Bank (ADB) is preparing US$2.2 billion immediate assistance to the Indian health sector, its President Masatsugu Asakawa announced on 10 Arp 2020 after making a call to Finance Minister Nirmala Sitharaman.
“ADB is committed to supporting India’s emergency needs. We are now preparing $2.2 billion in immediate assistance to the health sector,” he said in a press release issued after the call.
He has assured the Finance Minister and ADB Governor Nirmala Sitharaman of ADB’s support to India in its fight against the novel coronavirus disease (COVID-19) pandemic.
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.
In a call to Minister Nirmala Sitharaman, he also commended the US$23 billion economic relief package announced on 26 March 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,” he said in a press release issued after the call.
This is to help alleviate the economic impact of the pandemic on the poor; informal workers; micro, small, and medium-sized enterprises; and the financial sector.
“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,” said Asakawa.
ADB is also engaged with the private sector to meet its financing needs during this period.
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, noted ADB in the release.
This is straining the large number of micro, small, and medium-sized enterprises, and the livelihood of formal and informal laborers across the country, said the Manila-based bank, which provides billions of dollars in aid to Asian member countries.
Asakawa noted that the policy measures announced by the Indian 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 18 March, ADB announced an initial package of approximately US$6.5 billion to address the immediate needs of its developing member countries, including India, as they respond to the COVID-19 pandemic.
ADB stands ready to provide further financial assistance and policy advice whenever the situation warrants.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 member countries, 49 of which are from the region. fiinews.com
