Asian Development Bank Sanctions 4 million USD to members to contain Corona Virus

The Asian Development Bank is to provide 4 million USD to member countries in Asia and Pacific to contain COVID-19, the Corona Virus. The fund is being allocated for buying emergency supplies, assessing health systems, improve resilience and respond to animal human disease outbreaks.

Highlights

The main objective of fund allocation is to strengthen immediate response in China, Cambodia, Laos, Thailand, Myanmar and Vietnam. The bank has also sanctioned special loan of 18.6 million USD to China to enhance distribution and supply of protective equipment and essential medicines.

Global Threats

Outside China, the virus has spread to Iran, Italy and South Korea. More than 84,000 people in 56 countries have been infected. So far 2,900 people have died because of the virus.

Economic Downfall

The Global stock markets are facing steep falls. This is mainly because of travel bans and international business meetings being cancelled and postponed. The World is stepping towards weaker phase as compared to 2008 financial crisis. Therefore, it is essential for international banks like ADB to step in to sanction loans.

Month: Current Affairs - March, 2020