The update downgrades growth estimates for many countries in the region, where outbreaks of coronavirus have surged in some countries, such as the Philippines and Indonesia.
The proposed project aims to address many of the root causes of floods in the city through construction of flood management assets in the Kosasthalaiyar basin
Lavasa, the sources said, has sent his resignation to Rashtrapati Bhavan and has requested to be relieved on August 31.
The design of the stations will consider the needs of the elderly, women, children, and differently abled.
Lavasa will succeed Diwakar Gupta, whose term will end on August 31.
ADB plans to raise USD 30-35 billion from capital market this year, sells USD 4 billion global bonds
The 3-year bonds worth USD 4 billion, with a coupon rate of 0.25 per cent per annum payable semi-annually, have a maturity date of July 14, 2023.
Hit hard by COVID-19, South Asia is forecast to contract by 3 per cent in 2020, compared to 4.1 per cent growth predicted in April.
'This new analysis presents a broad picture of the very significant potential economic impact of COVID-19,' said ADB Chief Economist Yasuyuki Sawada.
Agriculture output, however, has been impacted by lack of irrigation, less-than-efficient use of electricity and water, as well as inadequate storage and connectivity to markets.
CPRO was established as part of ADB's USD 20 billion expanded assistance for developing member countries' COVID-19 response, which was announced on April 13.
The Asian Development Bank (ADB) on Monday has tripled the size of its Covid-19 response package for its member nations to $20 billion.
The multilateral funding agency said it has also approved measures to streamline its operations for quicker and more flexible delivery of assistance.
ADB is also engaged with the private sector to meet its financing needs during this period, ADB said in a statement.
The number of coronavirus cases in Pakistan reached 1,664 while the death toll stood at 21.
The meeting will then be adjourned and reconvened on September 18 for a full-scale second-stage annual meeting at Incheon in South Korea.