ADB triples COVID-19 response package to $20 billion

News Network
April 13, 2020

Manila, Apr 13: The Asian Development Bank (ADB) on Monday tripled the size of its response to novel coronavirus disease (COVID-19) pandemic to 20 billion dollars and approved measures to streamline its operations for quicker and more flexible delivery of assistance.

The package expands ADB's 6.5 billion dollars initial response announced on March 18, adding 13.5 billion dollars in resources to help ADB's developing member countries counter the severe macroeconomic and health impacts caused by COVID-19.

The 20 billion dollar package includes about 2.5 billion dollars in concessional and grant resources.

"This pandemic threatens to severely set back economic, social, and development gains in Asia and the Pacific, reverse progress on poverty reduction and throw economies into recession," said ADB President Masatsugu Asakawa.

"Our expanded and comprehensive package of assistance, made possible with the strong support of our board, will be delivered more quickly, flexibly and forcefully to the governments and the private sector in our developing member countries to help them address the urgent challenges in tackling the pandemic and economic downturn," he said in a statement.

ADB's most recent assessment released on April 3 estimates the global impact of the pandemic at between 2.3 and 4.8 per cent of gross domestic product. Regional growth is forecast to decline from 5.2 per cent last year to 2.2 per cent in 2020.

The new package includes the establishment of a COVID-19 pandemic response option under ADB's countercyclical support facility.

Up to 13 billion dollars will be provided through this new option to help governments of developing member countries implement effective countercyclical expenditure programs to mitigate impacts of the COVID-19 pandemic, with a particular focus on the poor and the vulnerable.

Grant resources will continue to be deployed quickly for providing medical and personal protective equipment and supplies from expanded procurement sources.

Some 2 billion dollars from the 20 billion dollar package will be made available for the private sector. Loans and guarantees will be provided to financial institutions to rejuvenate trade and supply chains.

Enhanced microfinance loan and guarantee support and a facility to help liquidity-starved small and medium-sized enterprises, including those run by female entrepreneurs, will be implemented alongside direct financing of companies responding to or impacted by COVID-19.

The response package includes a number of adjustments to policies and business processes that will allow ADB to respond more rapidly and flexibly to the crisis. These include measures to streamline internal business processes, widen the eligibility and scope of various support facilities and make the terms and conditions of lending more tailored.

All support under the expanded package will be provided in close collaboration with international organisations, including the International Monetary Fund, World Bank Group, World Health Organisation, UNICEF, other UN agencies and the broader global community.

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News Network
May 3,2024

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US riot police have dismantled an anti-war and pro-Palestinian protest camp at the University of California at Los Angeles, a day after it was attacked by pro-Israel supporters.

At least 200 pro-Palestine protesters were arrested during the pre-dawn raid, led by a phalanx of California Highway Patrol officers carrying shields and batons, early on Thursday.

The protesters tried to block the officers' advance by their sheer numbers, shouting "push them back", while hundreds of pro-Palestinian activists who assembled outside the tent city were heard chanting "Shame on you" at the police.

According to estimates of local television station KABC-TV, 300 to 500 protesters were hunkered down inside the camp, while about 2,000 more had gathered outside the barricades in support.

The raid took place about a day after police watched on as pro-Israel groups violently attacked the encampment. Late Tuesday night, masked counter-demonstrators mounted a surprise assault on the camp, using sticks to beat the peaceful activists.

The assault went on for three hours into early Wednesday morning until police intervened and restored order.

The authorities’ slow response drew wide criticism from political leaders, including a spokesperson for California Governor Gavin Newsom who said "limited and delayed campus law enforcement response" to the unrest is "unacceptable."

The Pro-Palestine demonstrations began at Columbia University in New York City on April 17, and have spread across other campuses in the US in a student movement unlike any other this century.

US police arrested about 2,200 people during pro-Palestinian protests at college campuses across the country in recent weeks, the Associated Press reported.

A tally by the news agency recorded at least 56 incidents of arrests at 43 different US colleges or universities since April 18.

The students are calling for an end to Israel’s genocidal war on Gaza and demanding schools divest from companies that support the Israeli regime.

Israel launched the war on Gaza on October 7 after the Palestinian resistance movement Hamas waged the surprise Operation Al-Aqsa Storm against the occupying entity in response to the Israeli regime's decades-long campaign of bloodletting and devastation against Palestinians.

Tel Aviv has also blocked water, food, and electricity to Gaza, plunging the coastal strip into a humanitarian crisis.

Since the start of the offensive, the Israeli regime has killed at least 34,596 Palestinians and injured 77,816 others.

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News Network
May 8,2024

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AstraZeneca said on Tuesday it had initiated the worldwide withdrawal of its COVID-19 vaccine due to a "surplus of available updated vaccines" since the pandemic.

The company also said it would proceed to withdraw the vaccine Vaxzevria's marketing authorizations within Europe.

"As multiple, variant Covid-19 vaccines have since been developed there is a surplus of available updated vaccines," the company said, adding that this had led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied.

According to media reports, the Anglo-Swedish drugmaker has previously admitted in court documents that the vaccine causes side-effects such as blood clots and low blood platelet counts.

The firm's application to withdraw the vaccine was made on March 5 and came into effect on May 7, according to the Telegraph, which first reported the development.

London-listed AstraZeneca began moving into respiratory syncytial virus vaccines and obesity drugs through several deals last year after a slowdown in growth as COVID-19 medicine sales declined.

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News Network
May 5,2024

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Iran has urged Muslim countries to cut all relations with the Israeli regime as means of pressuring Tel Aviv to end its ongoing genocidal war on the Gaza Strip.

Foreign Minister Hossein Amir-Abdollahian made the remarks on Saturday, addressing the 15th Heads of State and Government Summit of the Organization of Islamic Cooperation (OIC) in Gambia’s capital Banjul.

“Beyond doubt, this time period will also pass by, despite all its hardships and adversities for the Palestinian nation,” he said.

“However, the manner and quality of the role that is played by us, Muslim states, in the face of this crisis will go down in history,” the top diplomat added.

“Undoubtedly, severance of diplomatic and economic ties and [imposition of] practical arms and trade embargo [on Israel] serves as an important means of cessation of its genocide in Gaza and atrocities in the West Bank and the Noble al-Quds.”

At least 34,654 people have died in Gaza since October 7, when the Israeli regime began the war in response to al-Aqsa Storm, a retaliatory operation by the coastal sliver’s resistance groups.

Despite the unabated campaign of bloodshed and destruction, the regime has so far fallen short of realizing its goals, including defeating Gaza’s resistance, causing forced displacement of the territory’s entire population to neighboring Egypt, and enabling the release of those who were taken captive during al-Aqsa Storm.

Amir-Abdollahian said Gaza’s developments proved that elimination of the Palestinian resistance “was nothing but an illusion.”

“Because the Israeli regime is not a legitimate government. It is only an occupying apartheid power,” he said, adding, “Passage of time is not going to lend legitimacy to an occupying power.”

The foreign minister asserted that realization of sustainable peace and security in the region was only possible through cessation of the regime’s occupation of Palestine, Syria, and Lebanon, return of the Palestinian refugees to their homeland, and manifestation of Palestinians’ right to self-determination.

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