ADB announces $20 billion coronavirus rescue package

ADB announces $20 billion coronavirus rescue package
Developing members of the bank range from Afghanistan and Myanmar to India and China. Above, shanties at Dharavi, one of Asia's largest slums, in Mumbai. (AP)
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Updated 13 April 2020

ADB announces $20 billion coronavirus rescue package

ADB announces $20 billion coronavirus rescue package
  • Fund represents the tripling of a package announced just a month ago
  • ADB warned earlier this month the pandemic could cost the global economy $4.1 trillion

MANILA: The Asian Development Bank said Monday it will roll out a massive $20 billion package to help developing member nations weather the economic fallout from the coronavirus pandemic.
The fund represents the tripling of a package announced just a month ago, which the ADB decided to boost as the scale of the contagion’s impact has mushroomed.
Nearly simultaneous shutdowns across the global economy, with workers ordered to hunker down at home against the virus, have set the stage for a deep recession.
Officially reported COVID-19 cases worldwide have topped 1.8 million and claimed around 115,000 lives globally.
“The scope and the scale of the crisis make it imperative for the ADB to expand its support,” bank president Masatsugu Asakawa said in a video statement.
Up to $13 billion in loans will be made available to help virus-hit developing members fill in budget gaps, with another roughly $2 billion set for the private sector.
Developing members of the bank range from Afghanistan and Myanmar to India and China.
The ADB warned earlier this month the pandemic could cost the global economy $4.1 trillion as it ravages the United States, Europe and other major economies.
Markets have been sent spinning as traders fret over the crisis’s long-term impact, though governments and central banks have stepped in to ease the pain, pledging trillions to prop up economies.

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Bomb kills two policemen in Afghan capital

Bomb kills two policemen in Afghan capital
Updated 16 January 2021

Bomb kills two policemen in Afghan capital

Bomb kills two policemen in Afghan capital
  • Two policemen were killed and one wounded
  • The two warring sides are currently in the Qatari capital Doha discussing the agenda items of the talks

KABUL: A roadside bomb targeting a police vehicle in the Afghan capital killed two policemen Saturday, officials said, as violence continues unabated in Afghanistan despite peace talks between the Taliban and government.
The vehicle carrying the policemen was struck by the bomb in the center of the capital on the road to the prestigious Kabul University, police spokesman Ferdaws Faramarz said.
Two policemen were killed and one wounded, Faramarz said.
Violence has surged across the country in recent months, especially in Kabul which is also rocked by a new trend of targeted killings that has sown fear in the city.
The bloodshed comes even as the Taliban and government negotiators engage in peace talks to end the nearly two decade war in the country.
The two warring sides are currently in the Qatari capital Doha discussing the agenda items of the talks.