ADB Guarantees $2.2 bn Support Package to India

ADB Guarantees $2.2 bn Support Package to India

On Friday, President Masatsugu Asakawa of Asian Development Bank assures Finance Minister Nirmala Sitharaman, a $2.2 bn support package to India in its fight for the coronavirus pandemic.

On a call to the Indian government’s urgent response, Asakawa commended on the national health emergency program, tax relief, and other financial measures provided to businesses and other economic relief packages of Rs 1.7 lakh crore to provide immediate support and income to the poor, women and workers affected by the three-week nationwide lockdown. ADB seems to be convinced to fund the Indian government of $2.2 bn (Rs 16,500 Crs).

ADB in its statement said that it is also engaged with the private sector to meet its financial needs during the period. It also quotes, “ADB is committed to supporting India’s emergency needs. We are now preparing USD 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 also added, “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”

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