ADB assures India of USD 2.2 bn support to fight against COVID-19 pandemic

Asian Development Bank today assured India of USD 2.2 billion (about Rs 16,500 crore) support to fight against the COVID-19 pandemic.

ADB President Masatsugu Asakawa, who assured the finance minister Nirmala Sitharaman of the support, has commended the Indian Government's decisive response to the pandemic, including a National Health Emergency programme. He commended tax and other relief measures provided to businesses. ADB President also appreciated Rs 1.7 lakh crore economic relief package to provide immediate income and consumption support to the poor, women, and workers affected by the nationwide lockdown.

ADB in a statement said that 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. ADB said it is also engaged with the private sector to meet its financing needs during this period.

On March 18, 2020, ADB announced an initial package of approximately USD 6.5 billion to address the immediate needs of its developing member countries, including India, as they respond to the COVID-19 pandemic. It added ADB stands ready to provide further financial assistance and policy advice whenever the situation warrants.