ADB supports VN, DMCs to cope with COVID-19

VGP – The Asian Development Bank (ADB) has announced US$ 6.5 billion initial response package to support Viet Nam and other developing member countries (DMCs) to deal with COVID-19 pandemic.

March 19, 2020 3:15 PM GMT+7

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"This pandemic has become a major global crisis. It requires forceful action at national, regional, and global levels," said ADB President Masatsugu Asakawa. "With our developing member countries, we are formulating an aggressive set of actions to combat the pandemic, to protect the poor, the vulnerable, and wider populations across the region and to ensure economies will rebound as swiftly as possible," he said

The ADB President underlined that ADB stands ready to provide further financial assistance and policy advice down the road whenever the situation warrants on top of the US$ 6.5 billion package.

The initial package includes about US$3.6 billion in sovereign operations for a range of responses to the health and economic consequences of the pandemic, and US$ 1.6 billion in non-sovereign operations for micro, small, and medium-sized enterprises, domestic and regional trade, and firms directly impacted.

ADB said it will also mobilize about one billion dollars in concessional resources through reallocations from ongoing projects and assessing possible needs for contingencies. ADB will make available US$ 40 million in technical assistance and quick-disbursing grants.

Since its first COVID-19 response on February 7, ADB has already provided more than US$ 225 million to meet the urgent needs of both governments and businesses in DMCs./.

By Kim Loan