The Asian Development Bank (ADB) has greenlit a USD 400 million policy-based loan aimed at bolstering urban services in India under Subprogram 2 of the Sustainable Urban Development and Service Delivery Program.
The Asian Development Bank (ADB) on Monday said it has approved a $350 million special policy-based loan to provide budget support to Sri Lanka for the stabilisation of its crisis-hit economy.
Sitharaman is leading an Indian delegation to attend the 56th Annual General Meeting of the Board of Governors of the Asian Development Bank.
In recent years, as Pakistan has hurtled from one catastrophe to another, remittances sent by Pakistani workers living abroad have been a source of some small amount of stability.
The grant, financed from the Asia Pacific Disaster Response Fund (APDRF), will help fund the immediate purchase of food supplies, tents, and other relief goods to support flood victims across the country, read ADB press release.
The inflation forecast for Southeast Asia for 2022 has been raised significantly from 3.7 percent to 4.7 percent, according to the latest report from the Asian Development Bank.
The IMF and Pakistan reached a staff-level agreement last week that they hoped would stabilise the country’s economy and depreciating currency.
Depleting reserves, a widening current account deficit and the rupee’s depreciation against the dollar have left the nation facing a balance-of-payments crisis.
Philippine President Rodrigo Duterte declared a state of calamity for a year in the six regions to accelerate rescue, relief and rehabilitation efforts.
Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in India’s Ministry of Finance, signed for the Government of India, the agreement for Agartala City Urban Development Project while Takeo Konishi, Country Director of ADB’s India Resident Mission signed for ADB.
