Coronavirus impact: ADB assures India of $2.2 billion support package

Asian Development Bank (ADB) has assured India of $2.2 billion (Rs 16,500 crore) in support to fight the coronavirus pandemic. ADB President Masatsugu Asakawa on Friday spoke to Finance Minister Nirmala Sitharaman and assured her of the assistance.

Asakawa also applauded India's response to the pandemic, including the tax and other relief measures undertaken by the government.

"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 as mentioned in a report in PTI.

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Asakawa said that the bank is engaged with the private sector to meet the financing needs during the coronavirus outbreak.

He said that ADB's assistance to India will be increased if required. "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 added.

Asakawa believes that the government's policy measures will provide much-needed relief to the vulnerable as well as the businesses and pave the way to recover faster.

ADB had announced a $6.5 billion package for developing member countries, including India, last month. ADB said that it is ready to provide further financial assistance as well as offer policy advice.

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INDIA CORONAVIRUS TRACKER: BusinessToday.In brings you a daily tracker as coronavirus cases continue to spread. Here is the state-wise data on total cases, fatalities and recoveries in one comprehensive graphic.