Page 3 - Asian Development Bank

Asian Development Bank projects faster GDP growth for India in coming qtrs

OECD, ADB peg FY25 growth at 6.7% and 7% respectively

ADB cuts Bangladesh's growth forecast to 5.1% due to political unrest

The ADB has lowered its forecast for Bangladesh's economic growth to 5.1 per cent primarily due to supply disruptions caused by political unrest in July and August, a media report said on Wednesday. The Asian Development Bank (ADB) had earlier projected that the overall production of goods and services in the South Asian country would grow by 6.6 per cent for the fiscal year (FY) 2024-25, The Daily Star newspaper reported. The Manila-based multilateral lender said it lowered the country's GDP growth projection for the current fiscal due to violent protests and recent floods. The ADB said the fiscal and monetary policies are expected to remain tight, further dampening consumption and investment demand. The lender said the forecast is highly uncertain as significant downside risks cloud the macroeconomic outlook. "These risks primarily stem from ongoing political instability, a fragile law-and-order situation, and vulnerabilities within the financial sector," it said. The ADB's lat

ADB assures cash-strapped Pakistan $2 billion in new loans annually: Report

The Asian Development Bank has assured Pakistan it will provide USD 2 billion annually in new loans to the cash-strapped country amid the government's inability to get cheaper credit due to its worsened ratings, according to a media report on Tuesday. The assurance was given by the visiting Asian Development Bank (ADB) President Masatsugu Asakawa during his interaction with Pakistani authorities on Monday, The Express Tribune newspaper reported, citing Ministry of Economic Affairs officials. The Manila-based lender is expected to provide USD 2 billion per annum from 2024 to 2027, the officials said, adding that the total four-year package amounts to USD 8 billion. Out of the USD 2 billion, the ADB will give around USD 1 billion at a fixed 2 per cent rate under its concessional window. Despite having reached a staff-level agreement with the International Monetary Fund (IMF), Pakistan has become a desperate borrower in recent years, striking deals at unsustainably higher interest rate

ADB asks Pakistan to adopt Indian scheme ULLAS to fix its education system

The Asian Development Bank (ADB) has advised Pakistan to adopt India's scheme ULLAS to fix its dysfunctional education system and impart quality training to its citizens, according to a media report. The Manila-based lender's recommendation came in response to Pakistan's request for financial support to improve its education system and impart education to all out-of-school children, The Express Tribune newspaper said. The Understanding of Lifelong Learning for All in Society (ULLAS) was launched by the Government of India in July last year to help non-literates and adults who missed out on formal schooling. The ADB recommends that the government adopt a strategic and multi-stakeholder consultative approach, drawing on international best practices, such as the government of India's new centrally sponsored scheme "ULLAS", according to the lender. The ADB emphasised that the ULLAS scheme emphasises the need for both federal and provincial governments to collaborate urgently to enhance

ADB to give $200 mn loan to India for solid waste management in 100 cities

Asian Development Bank and the Government of India recently signed a USD 200 million (about Rs 1,700 crore) loan to improve solid waste management and sanitation in 100 cities across eight states in the country. The signatories to the loan agreement for the Swachh Bharat Mission 2.0 -Comprehensive Municipal Waste Management in Indian Cities Program were Juhi Mukherjee, Joint Secretary, Finance Ministry, and Mio Oka, Country Director for Asian Development Bank (ADB) - India Resident Mission, the Manila-based multilateral funding agency said in a statement on Tuesday. After signing the loan agreement, Mukherjee said that the programme supports the objectives of the government's Swachh Bharat (Clean India) Mission - Urban 2.0 by enhancing sanitation and solid waste management infrastructure, including waste segregation, collection and disposal. "This programme is guided by lessons derived from ADB's experience in urban infrastructure development across several states and will incorpora

Strong fiscal position likely to enhance India's growth, says ADB

Asian Development Bank keeps FY25 growth projection unchanged at 7%

ADB keeps India's GDP growth projection for FY25 unchanged at 7%

Projection must be weighed against 'downside risks from weather events and geopolitical shocks', it says

ADB approves $170 million loan to strengthen health sector in India

The $170 million policy-based loan will help in the implementation of the government's National Health Policy 2017

Govt should focus on infra, structural reforms for jobs: ADB's Mio Oka

India's economic growth has proven resilient post-COVID, even amidst global challenges, said Mio Oka

ADB's Board of Governors approve $1.42 billion in 2023 allocable net income

$292.5 million to the Asian Development Fund, which provides grants to ADB's poorest and most vulnerable developing member countries

India urges ADB not to overlook its focus on growth, shared prosperity

India on Sunday urged the Asian Development Bank (ADB) not to overlook its focus on reduction of remaining poverty while promoting sustainable growth for the member nations in the Asia Pacific region. Making intervention at the Board of Governors Business Session at the 57th Annual Meeting of ADB, India's Temporary Alternate Governor Vikas Sheel said the bank has played a critical role in facilitating measures of faster economic development, reducing poverty and promoting regional cooperation while effectively addressing the challenges and delivery of global public goods. "We note with concern that economic growth and dealing with the remaining poverty do not find a place in the enhanced focus areas of the ADB in the review of its Strategy 2030. We urge ADB not to overlook the ADB's charter mandate on growth and shared prosperity," he said. He assured India's continued support to work towards accelerated inclusive and sustainable growth in Asia and the Pacific. Due to ongoing gener

Asian Development Fund to be replenished with $5 billion: ADB Prez Asakawa

The Asian Development Fund (ADF) will be replenished with USD 5 billion to support most vulnerable sections in the Asia Pacific region. Donors and the Asian Development Bank (ADB) have agreed for the replenishment of ADF and Technical Assistance Special Fund (TASF) during the 57th Annual Meeting of the Manila-based multilateral funding agency here. ADF is ADB's largest source of grants for operations in its poorest and most vulnerable developing member countries and is replenished every four years. ADB President Masatsugu Asakawa said ADF 14, marking the 13th replenishment since the fund's establishment, will support grant operations during 2025 -2028. The current replenishment is about 22 per cent higher than the USD 4.1 billion available in ADF 13, and will provide eligible ADB members with the largest-ever volume of ADF grants, he said. The TASF 8 will provide grants that help prepare projects, build capacity, and provide technical or policy advice. "We meet amidst multiple ..

ADB open to funding space sector in India, says VP Bhargav Dasgupta

The Asian Development Bank is open to funding the space sector in India in addition to focusing on climate finance to mitigate the associated risks, said its Vice President Bhargav Dasgupta on Friday. ADB has done some projects in satellite in the Asia Pacific region, but has not provided any assistance in the Indian space sector. "We have not done much till now. We are always open to look at new areas...we understand it has been opened up and there is lot of interest on startup side...if we find alignment with our objectives in terms of Sustainable Development Goals (SDGs), we will look at it," he said. Last month, the government notified amendments to the foreign direct investment policy in the space sector to attract offshore investors in satellite manufacturing and satellite launch vehicles segments. Talking about initiatives in India, Dasgupta said, "we are very excited about the work that is happening in the country including recently launched rooftop solar projects, large so

India needs to expand universal health coverage for ageing population: ADB

India is one of the lowest among the Asia Pacific nations when it comes to health insurance for older people and needs to expand universal health coverage to meet the needs of rapidly ageing population and sustain growth momentum, a report by ADB said on Thursday. While the South Korea and Thailand have achieved universal health coverage, others lag behind with India having the lowest health insurance coverage among older people at 21 per cent, a report titled 'Aging Well In Asia' prepared by ADB said. However, schemes like Ayushman Bharat that provides cashless healthcare to bottom quartile of population has improved health coverage since its launch, ADB senior economist Aiko Kikkawa said here. Expanding it further will improve the condition and make people aged over 60 years more productive for the economy, she said, adding, silver dividend can be higher for such countries who gainfully employ them. Besides achieving universal health coverage, she said, it is also critical to ext

ADB's numbers on climate adaptation finance in Asia 'overstated': Oxfam

The Asian Development Bank's actual finance numbers for its largest climate adaptation projects in countries in Asia, including India, are "overstated" and could be off by 44 per cent, USD 0.9 billion instead of the reported USD 1.7 billion, Oxfam claimed in a report. The ADB, however, reaffirmed its figures, standing by its methodology and commitment to deliver USD 100 billion in climate financing by 2030, with USD 34 billion earmarked for adaptation and resilience. "We stand by our climate adaptation finance numbers" and the bank's determination is to fulfil its climate financing goals and its recent increase in climate finance commitments in 2023, a spokesperson of the Asian Development Bank (ADB) said, responding to the report released by Oxfam, a non-profit. The report "Unaccountable Adaptation: The Asian Development Bank's overstated claims on climate adaptation finance" focused on ADB's largest climate adaptation projects in Asia and the Pacific, examining 15 major initiative

Pak has highest living cost in Asia with a 25% inflation rate: ADB

Pakistan has the highest living cost in all of Asia with a 25 per cent inflation rate and its economy may grow at the fourth lowest pace of 1.9 per cent in the region, according to a new Asian Development Bank (ADB) report. The report was released on Thursday in Manila. The Express Tribune reported that, the Asian Development Outlook also painted a gloomy picture for the next fiscal year as well, projecting 15 per cent inflation rate for the next fiscal year -- again the highest among 46 countries and a 2.8 per cent growth rate -- the fifth lowest for FY 2024-25. The Manila-based lending agency stated that the inflation rate in Pakistan is expected to be 25 per cent in the current fiscal year -- the highest in all of Asia. This makes Pakistan the most expensive nation in Asia. Earlier, the cost of living in Pakistan used to be the highest in South Asia. The State Bank of Pakistan (SBP) and federal government had set the inflation target at 21 per cent for this fiscal year but they

ADB ups India GDP forecast to 7% for FY25 on investments, consumer demand

Supply line disruptions and weather shocks to agriculture are key risks to outlook, says lender

ADB raises India's GDP growth forecast for FY25 to 7% from 6.7% earlier

The ADB had in December last year projected the Indian economy to expand 6.7% in the 2024-25 fiscal

No country is fully prepared for future pandemics, says ADB report

India's score on the Global Health Security Index declined from 43.6 in 2019 to 42.8 in 2021. The country's score was lower than others. Japan, Brazil and Russia, meanwhile, recorded an improvement

FM meets ADB vice prez, urges to become partner in development agenda

Finance Minister Nirmala Sitharaman on Monday met Asian Development Bank's new Vice-President (market solutions) Bhargav Dasgupta and discussed ways to further the development agenda. "Both exchanged views on how @ADB_HQ may partner with India to further the development agenda. They also discussed harnessing ADB's convening power to crowd in other public and private sector institutions to participate in India's growth," the finance ministry said in a post on X. ADB in September 2023, appointed Dasgupta as VP for a period of three years. Prior to this, he was MD and CEO of ICICI Lombard General Insurance. Established in 1966, ADB is owned by 68 members 49 from the region. It is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.