The Asian Development Bank (ADB) has announced on Tuesday that it has approved a loan of $1.5 billion to India to help it in its fight against the ongoing coronavirus pandemic.
The loan would help India in disease containment and protection and social benefit schemes to help the vulnerable sections of the society. ADB president Masatsugu Asakawa said that ADB is fully committed to help India in overcoming this current crisis.
With the Ministry of Health and Family Welfare reporting over 22,000 cases and around 930 deaths, the coronavirus pandemic is becoming severe every passing day and such a grant would help India in its long battle against the pandemic.
Earlier this month, on 2nd April, the World Bank had also approved $1bn to India for the same purpose, whereas the Union Finance Ministry on 26th of March had also announced Rs. 1.7 lakh crore package to be released in April-June period to help the vulnerable sections of society.
With a large number of poor, unemployed youth and daily wage earners (mainly in the unorganized sector), such packages would help India in combatting the economic calamity and also to reduce the spread of the virus with proper testing kits and a greater number of testing.
Picture Credit: Financial Express