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

  • 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.


Indian police agree to allow protesting farmers into capital

Updated 28 November 2020

Indian police agree to allow protesting farmers into capital

  • The farmers are protesting new agricultural laws that they fear will reduce their earnings in favor of corporations

NEW DELHI: Thousands of angry Indian farmers protesting new agricultural laws were allowed to enter the capital late Friday after they clashed with police who had blocked them at the outskirts of New Delhi.
The farmers, who fear new legislation will reduce their earnings and give more power to corporations, will be escorted to a protest site in New Delhi, police said in a statement. It was not immediately clear where the protests would be held.
For the last two months, farmer unions have rejected the laws, which were passed in September, and have camped on highways in Punjab and Haryana states. They say the measure could cause the government to stop buying grain at guaranteed prices and result in their being exploited by corporations that would buy their crops at cheap prices.
The government says the laws are needed to reform agriculture by giving farmers the freedom to market their produce and boosting production through private investment.
The farmers began their march to the capital on Thursday to pressure Prime Minister Narendra Modi’s government to abolish the laws, but were stopped by large numbers of security personnel in riot gear on the boundary between New Delhi and Haryana state.
They resumed their march early Friday, unfazed by overnight rain and chilly winter temperatures.
Heading toward New Delhi on tractors and cars, the farmers were again blocked by police at the capital’s fringes. This led to clashes with police, who used tear gas, water cannons and baton charges to push them back.
In response, farmers used tractors to clear walls of concrete, shipping containers and parked trucks set up by police on roads leading to the capital.
Some protesters also threw stones at officers and waved the flags of farmer unions. There were no immediate reports of injuries.
“We are fighting for our rights. We won’t rest until we reach the capital and force the government to abolish these black laws,” said Majhinder Singh Dhaliwal, a farmer leader.
Earlier, in a bid to stop the protesters from riding commuter trains into the capital, the Delhi Metro suspended some services. Traffic slowed to a crawl as vehicles were checked along state boundaries, leading to huge jams on some highways.
Punjab Chief Minister Amarinder Singh urged the federal government to initiate talks with protest leaders. Many of the farmers are from Punjab, one of the largest agricultural states in India.
“The voice of farmers cannot be muzzled indefinitely,” Singh wrote on Twitter.
Negotiations between the leaders of farmer unions and the government to defuse the standoff have been unsuccessful. Farmers say they will continue to protest until the government rolls back the laws.
Opposition parties and some Modi allies have called the laws anti-farmer and pro-corporation.
Farmers have long been seen as the heart and soul of India, where agriculture supports more than half of the country’s 1.3 billion people. But farmers have also seen their economic clout diminish over the last three decades. Once accounting for a third of India’s gross domestic product, they now produce only 15% of the country’s $2.9 trillion economy.
Farmers often complain of being ignored and hold frequent protests to demand better crop prices, more loan waivers and irrigation systems to guarantee water during dry spells.