The Asian Development Bank (ADB) on Friday assured India of $2.2 billion assistance in its fight against the COVID-19 outbreak, after a telephonic conversation between ADB president Masatsugu Asakawa and finance minister Nirmala Sitharaman on Thursday. This follows a $1 billion assistance approved by the World Bank last week to help India prevent, detect and respond to the disease, and strengthen its public health preparedness.
‘ADB is committed to supporting India’s emergency needs. We are now preparing $2.2 billion in immediate assistance to the health sector and to help alleviate the economic impact of the pandemic on the poor; informal workers; micro, small, and medium-sized enterprises; and the financial sector,’ Asakawa said.
‘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’.
On Thursday, the Centre also announced a Rs 15,000 crore package to help states with their COVID-19 emergency response and health system preparedness over a period of four years. ADB last week had slashed its growth outlook for India from 6.5 per cent to 4 per cent for 2020-21, citing a weak global environment and continued efforts to contain the COVID-19 outbreak within the country.
Read EquityPandit’s Nifty Bank Outlook for the Week