Pakistan to receive more $305 mn from ADB to fight against COVID-19

 The Asian Development Bank (ADB) will give another $305 million on Tuesday to Pakistan in loans to fight against coronavirus pandemic.

According to the details, the government has approved concept clearance paper for seeking a loan from ADB for emergency struggling against COVID-19 pandemic on Wednesday (May 6).

The meeting of the committee was  held on May 4 to talk about the financing plan being offered by the ADB to combat the virus.

The statement said, ” the openness that enables increased movement of people and goods across borders, can also facilitate the spread of diseases. The COVID-19 pandemic is a tragic reminder of this. While countries in Central and West Asia have successfully harnessed cooperation for economic growth, they must now work together to tackle regional health threats.”

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A forward-looking, regional approach is needed for countries in Central Asia to respond to the pandemic and prepare for future public health threats.

READ: https://t.co/KoR1omrfcB pic.twitter.com/BHrRdny50t

— Asian Development Bank (@ADB_HQ) May 6, 2020

Asian Development Bank warns of 0.4% domestic product cut globally

Earlier, The Asian Development Bank (ADB) warned that coronavirus outbreak is set to trim global and developing Asia’s economic growth this year.

Reuters has reported that outbreak could cut global gross domestic product by 0.1 to 0.4%.

While economic growth in China and developing Asia, excluding China, could trimmed by 0.3 to 1.7% and 0.2 to 0.5%, respectively, the ADB said in an analysis that outlined best and worst case scenarios.

A day earlier  Asian Development Bank President Masatsugu Asakawa warned about impacts of new coronavirus outbreak to the world economy “much, much worse” and felt “very much longer” than those of severe acute respiratory syndrome, or SARS, about two decades ago.

More than 3,200 people worldwide died from the respiratory illness that can lead to pneumonia, hurting financial markets and damaging economies.