India asked multilateral lending institutions like the ADB to extend support to developing countries to prevent the coronavirus-induced health crisis from turning into a full-blown economic catastrophe.

Speaking at the 54th annual meeting of the board of governors of the Asian Development Bank (ADB), Finance Minister Nirmala Sitharaman also underlined the need for a “coordinated and inclusive” global strategy to avoid the long-term debilitating impact of the pandemic on the developing economies.

The Finane Minster urged the advanced and non-borrowing member nations of ADB to stand with the Developing Member Countries (DMCs) in this hour of crisis which would demonstrate their commitment for the collective global economic prosperity.

Observing that poverty has been reduced over the years but in 2020 an estimated 78 million people were pushed back into extreme poverty, and inequality aggravated, she said ADB rose to the occasion by delivering early and rapid support to the region, first through a comprehensive COVID response programme to help counter the severe macroeconomic and health impacts, and later coming up with a vaccine support package.

“We face an unprecedented global crisis today. The world economy contracted last year, threatening a severe development setback and hindering DMCs progress towards achieving 2030 Sustainable Development Goals,” she said at the annual meeting held virtually. She thanked the ADB for being with India in providing timely financial support for COVID and non-COVID projects.

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