ADB allocates US$20 billion to fight coronavirus
Asian Development Bank has tripled its response package to novel coronavirus pandemic from US$6.5 billion to US$20 billion to help member states. Nearly US$2.5 billion out of the funding will be in the form of grants and concessional loans. All funds are aimed at prevention of severe macroeconomic impacts. US$13 billion are expected to help developing member states implementing effective programs to fight COVID-19. Grant loans will be used to procure medical and personal protective equipment. About US$2 billion will be allocated to private sector. Loans and guarantees will be provided to financial institutions to rejuvenate trade and supply chains. According to ADB’s forecasts, regular provisional residence permit will decrease from 5.2% to 2.2% in 2020.