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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.

Jul 11: UK’s Prince Charles, at the ongoing India Global week 2020, has praised India’s sustainable way of life, as he emphasised on sustainable development amid the ongoing coronavirus pandemic. Addressing the summit through a video link from London, Prince Charles said, “The country’s (India’s) diversity and resilience is a personal inspiration for him and much to teach all,” reported the All India Radio.

The three-day summit is getting held on a virtual platform from July 9 to July 11 due to the ongoing COVID-19 pandemic. Around 75 sessions on subjects such as geopolitics, business, emerging technologies, banking, finance, pharmaceuticals, defence and security, and arts and culture are getting held. The summit is expected to bring together over 250 speakers and more than 5,000 participants for incisive discussion and lively debate over the three days.

During his address, Prince Charles said India’s philosophies and values have emphasised a sustainable way of life and a harmonious relationship between humanity and nature, the AIR report said.

He also informed that he spoke to Prime Minister Narendra Modi about the importance of sustainable living.

In his address, he also spoke about the ancient yogic concept of ‘Aparigraha’. “It’s the time when the world learnt this ancient wisdom from India as it seeks revival amid the pandemic, he said as reported by the AIR news.

As the countries across the globe are reeling under the corornavirus pandemic, he emphasised on sustainable development to overcome the crisis. He said, “We have an unparalleled opportunity to put people and planet at the heart of global value creation and move to sustainable markets for long-term value, balancing natural, social, and physical capital.”

Singapore, Jul 11: Singapore Prime Minister Lee Hsien Loong has secured a “clear mandate” with his ruling People’s Action Party (PAP) winning 83 of the 93 contested parliamentary seats in the general election held amidst the Covid-19 pandemic, with the Opposition gaining ground by winning a record 10 seats.

The ruling party, in power since independence in 1965, secured 61.24 percent of the total votes cast in the election, down from 69.9 percent in 2015. About 2.6 million Singaporeans voted on Friday.

“We have a clear mandate, but the percentage of the popular vote is not as high as I had hoped for,” 68-year old Lee told a PAP’s post-results press conference on Saturday morning.

The opposition Workers’ Party secured 10 seats and defeated a team in the Group Representation Constituency of Sengkang led by former Minister in the Prime Minister’s Office Ng Chee Meng who is also the Secretary-General of the power National Trades Union Congress (NTUC).

The Prime Minister assured it is “only right” that Workers’ Party’s Indian-origin secretary-general Pritam Singh be “formally designated” as the Leader of the Opposition, and that he will be provided with “appropriate staff support and resources to perform his duties”.

Lee took the results in “these circumstances” as an “endorsement” of the party’s policies and plans as he had called the elections amidst Covid-19 pandemic.

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“We’ll take this forward and work with Singapore to realise those plans and solve the problems which we have,” Channel News Asia quoted the premier as saying.

Lee, who leads the PAP as secretary-general, said, “Singaporeans understand what’s at stake and why we must come together to uphold our national interests.”

He pledged to use this mandate “responsibly” to deal with the Covid-19 situation and economic downturn, to take Singapore “safely through the crisis and beyond”.

“The results reflect the pain and uncertainty that Singaporeans feel in this crisis, the loss of income, the anxiety about jobs, the disruption caused by the circuit breaker and the safe distancing restrictions,” he said.

This was not a “feel-good” election, said Lee, Singapore’s third prime minister who faces the city state’s worst recession with the economy projected to shrink between 7 and 4 per cent.

Lee acknowledged that the result also showed a “clear desire” for a diversity of voices in Parliament.

“Singaporeans want the PAP to form the government, but they, and especially the younger voters, also want to see more opposition presence in parliament,” he noted.

Lee added that he looks forward to the participation and contribution of the Opposition in parliament.

Singh, whose Workers’ Party team retained Aljunied Group Representation Constituency (GRC), will have 10 elected MPs now, up from six previously. His fellow member also retained the Hougang single-member constituency seat.

“Whether it works out… and whether it’s seen as a strengthening of Singapore will depend not only on what the PAP does but also on what the Opposition does because the Opposition now has 10 MPs elected from constituencies,” said Lee.

He assured that the ruling party will listen to Singaporeans and do its best to address their concerns, and “try to win” their support, whether or not they voted for the PAP.

When asked by the media if the party had lost the youth vote, he noted that different generations have different life experiences, and the young have significantly different life aspirations and priorities compared to the older generations.

“That’ll have to be reflected in our political process and in the government’s policies because, in the end, the government’s policies must be to achieve the aspirations of every generation of Singaporeans,” Lee said, assuring Singaporeans.

He hoped that the new generations of Singaporeans “look critically, but with an open mind” at what previous generations have done, “examine what’s relevant and what continues to make sense to them in a new environment” and “learn from these experiences hard-won by their parents and grandparents”.

This is so that they do not have to “learn them all over again and pay a high price which has already been paid”.

Lee added that he was, naturally, disappointed at the loss of the newly formed Sengkang GRC, which the Workers’ Party won with 52.13 percent of the valid votes.

“Ng Chee Meng and his team -- Lam Pin Min, Amrin Amin and Raymond Lye -- always knew it was going to be a tough fight,” he said.

“They gave it their all, but Sengkang voters have spoken, and we respect their decision.”

Lee described it as a “major loss to my team” and to the fourth-generation leaders, especially as Ng is the secretary-general of the Labour Movement, the NTUC.

Singh, 43, told a press conference following the results that his team would “continue to endeavour for good outcomes on the ground” and to represent voters “faithfully in parliament”.

“Today’s results are positive, but we have to hit the ground running. We should not get over our head with the results. There’s much work to do. And I can assure you this Workers’ Party team is committed to serve Singapore,” he stressed.

The PAP contested all 93 seats and the Workers’ Party 21 seats. Nine other political parties also contested the elections.

A total of 192 candidates contested for seats through 17 Group Representation Constituencies (GRCs).