THE Asian Development Bank (ADB) on Monday said it has tripled its rescue package for member countries battling the coronavirus disease 2019 (COVID-19) pandemic to $20 billion.

The Manila-based multilateral lender added $13.5 billion to its initial $6.5-billion package announced on March 18, acknowledging that the pandemic threatens to push most economies into recession. The additional funds include around $2.5 billion in concessional and grant resources.

“Our expanded and comprehensive package of assistance, made possible with the strong support of our Board, will be delivered more quickly, flexibly, and forcefully to the governments and the private sector in our developing member countries to help them address the urgent challenges in tackling the pandemic and economic downturn,” ADB President Masatsugu Asakawa was quoted as saying in a statement.

The expanded funding package now includes a COVID-19 Pandemic Response Option under ADB’s countercyclical support facility. The ADB will provide up to $13 billion to help governments implement “countercyclical” spending plans to cushion the economic fallout, particularly for the poor.

“Grant resources will continue to be deployed quickly for providing medical and personal protective equipment and supplies from expanded procurement sources,” the ADB said.

The ADB earlier committed to fast-track the approval of a $1-billion quick budget support loan for the Philippines under this COVID-19 Pandemic Response Option.

Another $2 billion will be made available to the private sector.

“Loans and guarantees will be provided to financial institutions to rejuvenate trade and supply chains. Enhanced microfinance loan and guarantee support and a facility to help liquidity-starved small and medium-sized enterprises, including those run by female entrepreneurs, will be implemented alongside direct financing of companies responding to, or impacted by, COVID-19,” the ADB said.

Last month, the ADB approved a $5-million emergency grant for the Philippines’ fight against COVID-19.

The Department of Finance last March quoted Mr. Asakawa as saying the ADB will also speed up approval of the $150-million additional funding for government’s Pantawid Pamilya Pilipino Program.

(4Ps) and the $100-million emergency project loan for additional health care facilities and procurement of much-needed equipment such as ventilators and personal protective equipment (PPE). — Beatrice M. Laforga

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