By Chino S. Leyco The Asian Development Bank (ADB) jacked up its financing program to help developing member countries in immediately addressing the global crisis due to the novel coronavirus (COVID-19) pandemic. In a statement, the Manila-based multilateral institution announced yesterday its $6.5 billion initial package aimed at funding the aggressive set of actions to combat the COVID-19 pandemic. Masatsugu Asakawa, ADB president said that COVID-19 has become a major global crisis that requires forceful action at national, regional, and global levels. Asakawa said the ADB and its member countries, including the Philippines, are formulating their aggressive set of actions to protect the poor, the vulnerable, and wider populations across the region. He said these set of actions are aimed to ensure Asian economies will rebound as swiftly as possible after the COVID-19 pandemic. “Based on 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,” Asakawa said. “ADB stands ready to provide further financial assistance and policy advice down the road whenever the situation warrants, on top of the $6.5 billion package,” he assured. The initial package includes approximately $3.6 billion in sovereign operations for a range of responses to the health and economic consequences of the pandemic. It also covers the $1.6 billion in non-sovereign operations for micro, small, and medium-sized enterprises, domestic and regional trade, and firms directly impacted. ADB is also mobilizing about $1 billion in concessional resources through reallocations from ongoing projects and assessing possible needs for contingencies, adding it will make available $40 million in technical assistance and quick-disbursing grants. To provide the support package to developing nations as quickly and flexibly as possible, ADB said it will seek adjustment in its financing instruments and business processes. Subject to approval by ADB’s Board of Directors, this will include faster access to emergency budget support for economies facing severe fiscal constraints, streamlined procedures for policy-based lending, and universal procurement with flexible and faster processes. “ADB will further strengthen its close collaboration with the International Monetary Fund, the World Bank, regional development banks, the World Health Organization, and major bilateral funding agencies including the Japan International Cooperation Agency, as well as the US Centers for Disease Control and private sector organizations, to ensure effective implementation of its COVID-19 response,” the bank said. Since its first COVID-19 response last February, ADB has already provided more than $225 million to meet urgent needs of both governments and businesses in development members countries.