Asian Development Bank announces $20B package for developing countries

Asian Development Bank announces B package for developing countries

Asian Development Bank (ADB) announced a huge package of $20 billion for the developing countries to fight against the coronavirus pandemic. The money will be spent to overcome the economic challenges created by the lockdowns in developing countries.

According to a report of AFP, an international news agency, the current package is three times higher than the package announced by the ADB one month ago. The coronavirus outbreak has shut down the global economy as people are compelled to stay at their homes. The stay-at-home strategy has impacted the economy badly all across the world.

The COVID-19 pandemic has infected almost 1.8 million people in the whole world, and the cases are still growing due to the continuous spread of the virus. According to the recent stats, more than 117000 people have lost their lives so far. Masatsugu Asakawa, the president of the ADB, said, “Due to the rise in the crisis, it has become important for the bank to increase the relief package.”

According to the ADB, the bank will provide $13 billion to the developing countries to help them overcome the budget deficit. Moreover, the bank will provide $2 billion to private organizations. The countries like Afghanistan, Myanmar, and even China and India, are present on the ADB’s list of developing countries. The ADW warned at the start of the current that the COVID-19 pandemic would affect the economy of the US, Europe, and other developed countries.

The bank said that the world would lose at least $41000 billion due to the coronavirus pandemic. On March 18, the ADB announced a package of $6.5 billion for its members to cope with the current crisis. The bank said, “We are helping our countries to take extraordinary steps related to the economic losses.” The bank added, “We want the safety and protection of the poor and all other residents in the region.” Developing countries need to overcome economic losses immediately.

Senior editor of the Chicago Morning Star

Related Posts
UIS issues Fall 2021 student COVID-19 vaccination policy
University of Illinois Springfield Interim Chancellor Karen Whitney sent the following email to faculty, staff
All UIS students who plan to be on campus for fall semester 2021 will be required to receive a COVID-19 vaccination
The following message was sent by University of Illinois System President Timothy Killeen to students,
Metra plans service enhancements as ridership returns from pandemic
With ridership steadily increasing from pandemic lows, Metra will be adding service to all of
Illinois colleges push to get students vaccinated before returning to campus
Illinois colleges and universities are pushing for most students to get vaccinated against COVID-19 before
Developers stop construction on 74-story South Michigan tower: COVID-19 given as reason
Developers of the 1000M skyscraper, a 74-story Michigan Ave. condominium, say they have halted construction
Gov. Pritzker announces 6-year, $20.7 billion construction plan
Gov JB Pritzker has announced the release of a $20.7 billion multi-year plan to improve
UIS now offering free COVID-19 saliva testing to the public
The University of Illinois Springfield, in partnership with SHIELD Illinois, is now offering free COVID-19 saliva
Changes to Face Covering Requirements per Executive Order
Per Executive Order issued by the Governor on May 17, 2021, individuals who have been
City of Springfield No Longer Enforcing Mask Mandate
Springfield, Illinois - The City of Springfield's goal has always been to get our businesses
Mass Vaccination Clinic for COVID-19 Pfizer Vaccine at Park District’s Arlington Ridge Center
Appointments remain available for a mass vaccination clinic at the Arlington Heights Park District’s Arlington