Asian Development Bank (ADB) president Masatsugu Asakawa on Friday assured finance minister Nirmala Sitharaman of a $2.2-billion (about Rs 16,500 crore) support to India in its fight against the Covid-19 pandemic.
In a call, Asakawa commended the Indian government’s decisive response to the pandemic, including a national health emergency programme, tax and other relief measures provided to businesses and a $23billion (Rs 1.7 lakh crore) economic relief package announced on March 26 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
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 is also engaged with the private sector to meet its financing needs during this period, ADB said in a statement.
“ADB’s 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,” he said.
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.