The Asian Development Bank (ADB) has agreed to provide $50 million to Pakistan to make to fight coronavirus.
Pakistan will procure essential medical equipment for early detection, emergency care, and management of severe respiratory diseases. As per details, the package will be given to the National Disaster Management Authority (NDMA) only and will be used to halt the spread of the coronavirus.
Global money lending organization made the announcement.
ADB in a report published prior said that the coronavirus outbreak could cost Pakistan’s economy between $16.387 million to $4.95 billion, or 0.01 to 1.57 percent of the GDP in losses.
Pandemic has become a major global crisis
However, ADB President Masatsugu Asakawa said that the pandemic has become a major global crisis. It requires forceful action at national, regional, and global levels.
“With our developing member countries, we are formulating an aggressive set of actions to combat the virus. It aims to protect the poor, the vulnerable, and wider populations across the region. And, to ensure economies will rebound as swiftly as possible. Based on a close dialogue with our members and peer institutions, we are deploying this $6.5 billion rescue package to meet the immediate needs of our members,” he further added.
Moreover, ADB released a study “COVID-19 Outbreak to Have Significant Economic Impact on Developing Asia” on March 6. It mentioned several scenarios. Such as a best case, moderate case, worse-case and the hypothetical worst-case. It is to assess the impact of COVID-19 on various developing countries in Asia.
Seeking assistance from World Bank
Moreover, Pakistan is also seeking assistance from World Bank to enhance the capacity of resources-deficient 270 public hospitals and laboratories to control the spread of the deadly coronavirus virus.
The financial institutions of the country have been in conversations with the World Bank. A spokesperson from the finance ministry claimed that nothing of sorts has been finalized yet. However, speaking of which, previously, the World Bank had provided $787 Million to Pakistan for development projects.
The World Bank has already established $12 billion funds on March 13 to provide financial assistance to countries affected by coronavirus.
However, The World Bank will prioritise the poorest countries and those at high risk with low capacity. The spread of COVID-19 and its impact continues to evolve. The World Bank Group will adapt its approach and resources as needed.
Furthermore, as of Wednesday, Pakistan has recorded at least 243 cases of the highly contagious coronavirus. Mostly travellers returning home from neighbouring Iran is spreading the virus. It is the highest number of confirmed cases in South Asia compared with 147 in India, 44 in Sri Lanka, and 22 in Afghanistan.