The Asian Development Bank (ADB) has approved 1.5 billion dollars in investment to assist the govt of Indonesia’s attempts to fight novel coronavirus disease (COVID-19) pandemic on public health, livelihoods, and therefore the economy.
“COVID-19 has had devastating health, social, and economic impact on Indonesia. I commend the govt on its response to the pandemic, including strong and well-coordinated economic and monetary measures,” stated ADB President Masatsugu Asakawa.
“ADB’s timely support will help the govt implement comprehensive measures to mitigate the devasting impact of COVID-19,” said Indonesia’s Minister of Finance and ADB Governor Sri Mulyani Indrawati.
Mr. Asakawa visited Indonesia on 2–4 March and met with President Joko Widodo, Ms. Indrawati, and other senior officials. On 27 March, he discussed with Ms. Indrawati Indonesia’s COVID-19 response and the way ADB could support the country.
The COVID-19 Active Response and Expenditure Support (CARES) Program will support the government’s stimulus package geared to expand existing social assistance programs, boost resources for COVID-19 prevention and control, and safeguard productive sectors and workers from the economic downturn.
The funding is coming from ADB’s COVID-19 pandemic response option under the countercyclical support facility, which was introduced as a part of a $20 billion package approved by ADB on 13 April to help its developing member countries in their fight against COVID-19 through quick disbursing budget support with affordable terms and condition.
Indonesia has been severely suffering from the pandemic. Critical public health measures to limit the spread of the disease have seriously disrupted economic activity, leading to a pointy decline in forecasts for economic process in 2020. Many Indonesians are adversely suffering from the economic downturn, especially the poor and vulnerable groups. ADB estimates that poverty could increase significantly unless support measures are often effectively implemented.
