Nepal has requested Asian Development Bank (ADB) to provide immediate assistance amounting to $250 million.
Finance Minister Dr Yuba Raj Khatiwada – talking on phone – requested ADB president Masatsugu Asakawa today to support Nepal in its fight against the novel coronavirus disease (Covid-19) pandemic. Asakawa, on the occasion, commended Nepal’s decisive actions to control the spread of the virus and manage its impact on public health and the national economy, particularly through the government’s $1.26 billion comprehensive National Relief Programme.
Nepal’s response aims at strengthening the medical system capacity, lessening the economic strain on individuals, especially the poor and vulnerable, and supporting businesses, which have been severely affected by the economic slowdown, claimed the Finance Ministry that has directed the enterprises to pay the salary to the employees – also during the lockdown – of last month and waive rent of the tenets without understanding the ground reality. Most of the employers have borrowed to operate the business, whereas most of the house-owners have also borrowed to buy or construct their house.
“ADB is committed to supporting the government’s needs in these most challenging times,” Asakawa has been quoted in the press note of the Finance Ministry. “We are accelerating the processing of a quick budget support loan with affordable terms and conditions to respond to the government’s request for assistance in strengthening the health system and mitigating the economic and social impact of the Covid-19 pandemic.”
Thanking ADB for its support, Khatiwada reiterated the Nepal’s strong commitment to carry out immediate containment measures, social protection for the poor and vulnerable, and economic support for the affected sectors of the economy. The government has imposed lock down since last 36 days to contain the spread of pandemic that is causing disruptions in industry and services. Nepal is losing all the sources of foreign exchange as tourism has been hit hard due to suspension of international flights, remittance inflow has decelerated due to lock down in host countries and falling exports due to closure of industries and transportation have been hit hard.
ADB has a strong track record of responding rapidly to support Nepal in times of emergencies and has already provided a $300,000 grant to procure medical supplies, in close collaboration with UNICEF. The grant will finance urgently needed and critical personal protective equipment to enable medical personnel to safely treat infected patients. Additional grant resources are being explored for expanding supply of essential medical goods to combat the outbreak.
In close collaboration with other development partners, ADB is accelerating its efforts in providing further support to Nepal from the expanded Covid-19 response package of $20 billion announced on April 13, with approved measures to streamline its operations for quicker and more flexible delivery of assistance, the press note reads.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members, 49 from the region.
Finance Minister Dr Yuba Raj Khatiwada – talking on phone – requested ADB president Masatsugu Asakawa today to support Nepal in its fight against the novel coronavirus disease (Covid-19) pandemic. Asakawa, on the occasion, commended Nepal’s decisive actions to control the spread of the virus and manage its impact on public health and the national economy, particularly through the government’s $1.26 billion comprehensive National Relief Programme.
Nepal’s response aims at strengthening the medical system capacity, lessening the economic strain on individuals, especially the poor and vulnerable, and supporting businesses, which have been severely affected by the economic slowdown, claimed the Finance Ministry that has directed the enterprises to pay the salary to the employees – also during the lockdown – of last month and waive rent of the tenets without understanding the ground reality. Most of the employers have borrowed to operate the business, whereas most of the house-owners have also borrowed to buy or construct their house.
“ADB is committed to supporting the government’s needs in these most challenging times,” Asakawa has been quoted in the press note of the Finance Ministry. “We are accelerating the processing of a quick budget support loan with affordable terms and conditions to respond to the government’s request for assistance in strengthening the health system and mitigating the economic and social impact of the Covid-19 pandemic.”
Thanking ADB for its support, Khatiwada reiterated the Nepal’s strong commitment to carry out immediate containment measures, social protection for the poor and vulnerable, and economic support for the affected sectors of the economy. The government has imposed lock down since last 36 days to contain the spread of pandemic that is causing disruptions in industry and services. Nepal is losing all the sources of foreign exchange as tourism has been hit hard due to suspension of international flights, remittance inflow has decelerated due to lock down in host countries and falling exports due to closure of industries and transportation have been hit hard.
ADB has a strong track record of responding rapidly to support Nepal in times of emergencies and has already provided a $300,000 grant to procure medical supplies, in close collaboration with UNICEF. The grant will finance urgently needed and critical personal protective equipment to enable medical personnel to safely treat infected patients. Additional grant resources are being explored for expanding supply of essential medical goods to combat the outbreak.
In close collaboration with other development partners, ADB is accelerating its efforts in providing further support to Nepal from the expanded Covid-19 response package of $20 billion announced on April 13, with approved measures to streamline its operations for quicker and more flexible delivery of assistance, the press note reads.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members, 49 from the region.
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