STOCK MARKET BSE NSE

Coronavirus: Asian Development Bank announces USD 6.5 billion package for developing member countries

Manila-headquartered ADB works towards sustainable development and poverty eradication in Asia and the Pacific region.

Published: 18th March 2020 04:08 PM  |   Last Updated: 18th March 2020 04:08 PM   |  A+A-

PTI file photo of dollars being counted used for representational purpose only

By PTI

NEW DELHI: The Asian Development Bank (ADB) on Wednesday announced a USD 6.5 billion package for its developing member countries to fight the coronavirus pandemic.

The initial package has been announced to address the immediate needs of developing member countries (DMCs) as they respond to the Covid-19 pandemic, ADB said in a statement.

Manila-headquartered ADB works towards sustainable development and poverty eradication in Asia and the Pacific region.

"This pandemic has become a major global crisis. It requires forceful action at national, regional, and global levels," ADB President Masatsugu Asakawa said.

"With our developing member countries, we are formulating an aggressive set of actions to combat the pandemic; to protect the poor, the vulnerable, and wider populations across the region; and to ensure economies will rebound as swiftly as possible."

"Based on close dialogue with our members and peer institutions, we are deploying this USD 6.5 billion rescue package to meet the immediate needs of our members," he added.

Asawaka said ADB stands ready to provide further financial assistance and policy advice down the road whenever the situation warrants.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

edexworks
flipboard facebook twitter whatsapp