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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.

Singapore, Mar 23: Oil prices fell at the open in Asia on Monday after a trillion-dollar Senate proposal to help the coronavirus-hit American economy was defeated and death tolls soared across Europe and the US.

US benchmark West Texas Intermediate initially tumbled more than three percent but then pulled back some ground to trade 1.5 percent lower, at $22 a barrel.

Brent crude, the international benchmark, fell 4.9 percent to $25 a barrel.

Prices have fallen to multi-year lows in recent weeks as lockdowns and travel restrictions to fight the virus hit demand, and top producers Saudi Arabia and Russia engage in a price war.

The latest drop came after a trillion-dollar Senate proposal to rescue the US economy was defeated after receiving zero support from Democrats, and with five Republicans absent from the chamber because of virus-related quarantines.

The bill had proposed funding for American families, thousands of shuttered or suffering businesses and the nation's critically under-equipped hospitals.

Coronavirus deaths soared across Europe and the United States at the weekend despite heightened restrictions.

The death toll from the virus -- which has upended lives and closed businesses and schools across the planet -- surged to more than 14,300 Sunday, according to an AFP tally.

AxiCorp chief markets strategist Stephen Innes said that "total demand devastation" had set it.

"Oil markets collapsed out of the gate this morning as prices react... to stringent containment lockdown measures," he said.

Washington, Jun 26: The United States reported more than 39,000 new coronavirus cases on Thursday, its highest-ever single-day count as the government relaxed restrictions and is downplaying the threat of the deadly virus.

According to the Washington Post, experts believe there is a troubling lack of consistent, unified messaging from President Donald Trump and Vice President Mike Pence. They have downplayed the danger and denigrated effective disease defences such as mask-wearing, testing, and social distancing.

Churches, beaches, and bars are filling up with people and so are hospital beds, the report said.

The counties home to Dallas, Phoenix, and Tampa all reported record-high averages on at least 15 straight days in June.

The hardest-hit states are California, Texas, Florida and those that thought they had the virus under control, like Utah and Oregon.

"I think the politicians are in denial," said Kami Kim, director of the Division of Infectious Disease and International Medicine at the University of South Florida.

The chief of the Division of Pediatric Infectious Diseases at the University of Utah Health, Andrew T. Pavia, is of the view that the push to reopen quickly even as cases climb sends a dangerous and inaccurate message.

"On the one hand, you get messages from politicians and the business community that we have to go, go, go and open up," he said. "On the other hand, you're seeing epidemiological indicators that we still have to be very careful."

"It's cognitive dissonance," he added.

The Trump administration has tried to downplay the rising number. Pence called concerns about another surge of infections "overblown," the product of media "fearmongering."

Some governors have followed the administration's lead, blaming rising caseloads on more testing.

Testifying before a congressional committee this week, Anthony S. Fauci, the nation's top infectious-diseases expert, said the new cases were "a disturbing surge" spurred by community transmission rather than testing.

"That's something I'm really quite concerned about," Fauci said. "A couple of days ago, there were 30,000 new infections. That's very disturbing to me."

Several states like Arizona, Arkansas, the Carolinas, Mississippi, Tennessee, Texas and Utah have recently reported new highs in the number of coronavirus patients hospitalized.

"We're seeing a 40 per cent increase in the last two weeks in hospitalizations," said Dallas County Judge Clay Jenkins (D), the jurisdiction's top elected official. "We're by far at our record numbers, and we're at record numbers in north Texas. Houston is at a record, the state is at a record." The Texas Medical Center in Houston, a massive medical complex, reported Thursday that 100 per cent of the beds in its intensive care unit are occupied.