Coronavirus | $1.5 billion ADB loan to fund COVID-19 emergency response

[ad_1]

The Government of India has taken a $1.5 billion loan from the Asian Development Bank (ADB) to fund its immediate response to the coronavirus (COVID-19) pandemic, both in terms of the health and socio-economic impacts. The bank is also in talks with the government to fund further economic stimulus measures, including support for Micro, Small & Medium Enterprises (MSMEs) and for extending health services through public-private partnerships.

Coronavirus India lockdown Day 35 updates

The money, translating to more than ₹11,000 crore, will be spent to implement the containment plan and rapidly ramp up test-track-treatment capacity. It will also be used to provide social protection for 80 crore poor people over the next three months, according to Finance Ministry additional secretary Sameer Kumar Khare, who signed the loan agreement.

The loan, approved by the ADB under its COVID-19 Active Response and Expenditure Support (CARES) Programme, is the bank’s largest ever to India. The Centre will also take the ADB’s technical support to strengthen its implementation framework and capacities to deliver the Rs. 1.7 lakh crore welfare package announced last month.

Also Read | Coronavirus | ‘Trace, test, treat’ mantra helped us control the virus, says South Korean Ambassador to India Shin Bong-Kil

The bank was also in talks to provide “further possible support for stimulating the economy, support strong growth recovery, and to build resilience to future shocks”, an official statement said.

During an April 9 telephone meeting, ADB President Masatsugu Asakawa told Finance Minister Nirmala Sitharaman that apart from emergency needs, the bank was also willing to support “short- to medium-term measures to restore the dynamic economic growth of the country by exploring all available financing options”, it added.

Coronavirus | Opeds and editorials

This would include support for the MSMEs by facilitating access to finance through credit guarantee schemes, integration into global and national value chains through enterprise development centres, and a credit enhancement facility for infrastructure projects. Another major agenda would be supporting the extension of comprehensive primary health services in urban areas, and of secondary and tertiary health care systems through the public-private partnership mode, said the statement.

You have reached your limit for free articles this month.

Register to The Hindu for free and get unlimited access for 30 days.

Subscription Benefits Include

Today’s Paper

Find mobile-friendly version of articles from the day’s newspaper in one easy-to-read list.

Unlimited Access

Enjoy reading as many articles as you wish without any limitations.

Personalised recommendations

A select list of articles that match your interests and tastes.

Faster pages

Move smoothly between articles as our pages load instantly.

Dashboard

A one-stop-shop for seeing the latest updates, and managing your preferences.

Briefing

We brief you on the latest and most important developments, three times a day.

Not convinced? Know why you should pay for news.

*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.

[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *