Tag: Asian Development Bank (ADB)

Election Commissioner Ashok Lavasa to join ADB as new vice-president

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In what would be an untimely exit from Election Commission, Election commissioner Ashok Lavasa will soon join multilateral funding agency — Asian Development Bank (ADB).

ADB, in a statement on Wednesday, said that the agency has appointed Lavasa as the bank’s vice-president for private sector operations and public-private partnerships.

CNBCTV-18 had earlier reported that Lavasa was expected to join ADB soon as vice-President.

CNBC-TV18 had first reported on the development.

Newsbreak confirmed.
Election commissioner @AshokLavasa
appointed as Vice President, Private Sector Operations and Public–Private Partnerships, ADB.@CNBCTV18Live @ShereenBhan@CNBCTV18News@ADB_HQhttps://t.co/2MluIKqEqX pic.twitter.com/Yn3Js65z1s

— Timsy (@TimsyJaipuria) July 15, 2020

“He is currently one of the Election Commissioners of India and previously served in a range of senior posts including as Union Finance Secretary of India; Union Secretary for the Ministry of Environment, Forests, and Climate Change; and Union Secretary for the Ministry of Civil Aviation,” ADB added.

It will not be the first time for Lavasa to work for the bank. “As Joint Secretary in the Department of Economic Affairs, he worked closely with many ADB projects that had private sector components,” according to the bank.

Adding that Lavasa has extensive experience in public-private partnerships and infrastructure development at the state and federal levels, with deep knowledge on public policy and the role of private sector, thus making him fit for the position.

Lavasa will succeed Diwakar Gupta, whose term will end on August 31.
Lavasa is former finance secretary and was appointed Election Commissioner in January 2018.

The agency further said that Lavasa led the Indian delegation in the climate change negotiations for the Paris Agreement and was instrumental in finalising India’s nationally determined contributions, which included a major role of the private sector.

“At both policy and project levels, he made significant contributions to the inclusion of the private sector in many development programs in India for different sectors such as energy, agriculture, finance, and infrastructure. As Joint Secretary in the Department of Economic Affairs, he worked closely with many ADB projects that had private sector components,” it mentioned.

Lavasa has an MBA degree from Southern Cross University in Australia, and MPhil in Defense and Strategic Studies degree from the University of Madras.
He completed his Bachelor of Arts degree with English Honours and a Master of Arts in English Literature from Delhi University.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Coronavirus could inflict $8.8 trillion in global losses – ADB

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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MANILA (Reuters) – Global economic losses caused by the coronavirus pandemic could be between $5.8 trillion and $8.8 trillion this year, the Asian Development Bank (ADB) said on Friday, more than double its earlier estimates as containment measures paralyse economies.

The ADB’s forecast, equal to 6.4% to 9.7% of global gross domestic product, was worse than projections in April when it said the global economy could suffer between $2.0 trillion and $4.1 trillion in losses, depending on how long containment measures were in place.

“This new analysis presents a broad picture of the very significant potential economic impact of COVID-19,” said ADB Chief Economist Yasuyuki Sawada. “It also highlights the important role policy interventions can play to help mitigate damage to economies.”

The ADB said the upper end of the range assumed curbs on movement and businesses lasting six months, while the bottom end assumed they would last three months.

After the health crisis brought the economy of China, where the virus surfaced in December, to a virtual halt in the first quarter, several countries and territories have reported a rise in infections and deaths, leading to widespread travel bans and stay-at-home orders.

Nearly 300,000 people worldwide have died from complications from the virus, which has infected more than 4.3 million people.

Measures to contain the spread could inflict $1.7 trillion to $2.5 trillion in economic losses in Asia, and between $1.1 trillion and $1.6 trillion in China, the ADB said.

Travel restrictions and lockdowns will likely cut global trade by $1.7 trillion to $2.6 trillion and put between 158 million and 242 million people out of work, the ADB said.

Global central banks have moved aggressively with sweeping emergency rate cuts and fiscal stimulus measures to help combat the pandemic that jolted financial markets and stoked fears of a deep global recession.

(Reporting by Neil Jerome Morales and Karen Lema; editing by Nick Macfie)

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

COVID-19: ADB triples financial package to $20 bn

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Asian Development Bank on Monday tripled the size of its financial package to support developing member-countries to USD 20 billion and also approved measures to streamline its operations for quicker and more flexible delivery of assistance.

The package expands ADB’s USD 6.5 billion initial response announced on March 18, adding USD 13.5 billion in resources to help ADB’s developing member-countries counter the severe macroeconomic and health impacts caused by COVID-19, said an ADB statement.

The USD 20 billion package also includes about USD 2.5 billion 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.

Also Read: IMF to consider $1.4 bn loan to Pak to deal with adverse economic impact of COVID-19

“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,” it said.

ADB’s most recent assessment estimates the global impact of the pandemic in the range of 2.3-4.8 percent of gross domestic product. Regional growth is forecast to decline from 5.2 percent last year to 2.2 percent in 2020.

The new package includes the establishment of a COVID-19 Pandemic Response Option under ADB’s Countercyclical Support Facility, it said.

Up to USD 13 billion will be provided through this new option to help governments of developing member countries implement effective countercyclical expenditure programmes 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, the statement added.

Some USD 2 billion from the USD 20 billion package will be made available for the private sector and 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,” it said.

The response package also 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 Organization, UNICEF, and other UN agencies along with the broader global community.

Also, catch all the latest updates and trends on the novel coronavirus with CNBCTV18’s blog

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3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Coronavirus impact: Fitch Ratings pegs India GDP growth in FY21 at 2%; slowest since economic reforms 30 yrs back

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India may post in 2020-21 a GDP growth of 2 percent, the slowest since the economy was liberalised 30 years back, Fitch Ratings said on Friday, as it joined a chorus of international agencies that have made a similar cut in growth estimates in recent days on concerns about the fallout of COVID-19 outbreak.

Asian Development Bank (ADB) sees India’s economic growth slipping to 4 percent in the current fiscal (April 2020 to March 2021), while S&P  Global Ratings earlier this week further slashed its GDP growth forecast for the country to 3.5 percent from a previous downgrade of 5.2 percent.

India Ratings & Research too has revised its FY21 forecast to 3.6 percent from 5.5 percent earlier.

Moody’s Investors Service last week slashed its estimate of India’s GDP growth during 2020 calendar year to 2.5 percent, from an earlier estimate of 5.3 percent and said the coronavirus pandemic will cause unprecedented shock to the global economy.

These growth estimates compare to an estimated 5 per cent growth rate in 2019-20 fiscal that ended on March 31. Indian economy also grew by 5 per cent in the 2019 calendar year.

Stating that an economic recession gripped global economy following the lockdowns due to COVID-19 pandemic, Fitch Ratings on Friday said the initial disruptions to regional manufacturing supply chains in China have now broadened to include local discretionary spending and exports.

“Fitch now expects a global recession this year and recently cut our GDP growth forecast for India to 2 percent for the fiscal year ending March 2021 after lowering it to 5.1 percent previously, which would make it the slowest growth in India over the past 30 years,” it said in a statement.

The ADB in its flagship publication Asian Development Outlook (ADO) 2020, released early on Friday, said that India will stage a strong recovery in the next financial year on the back of its sound macroeconomic fundamentals.

Growth in India will remain subdued after a disappointing 2019-20, it said, adding growth declined from 6.1 percent in fiscal 2018-19 to 5 per cent as domestic investment and consumption collapsed under stress on non-banking financial companies and a sharp slowdown in credit growth more generally.

“COVID-19 has not yet spread extensively in India, but measures to contain the virus and a weaker global environment will whip up headwinds, offsetting support from corporate and personal income tax cuts as well as financial sector reforms which are meant to revive credit flows,” ADB said.

“GDP growth in India is forecast to slow further to 4 percent this year (2020-21) before strengthening to 6.2 percent in fiscal 2021-22.”

The growth rate is below its decade average of 7 percent.

Fitch Ratings said micro, small and medium-sized enterprises and the services segment are likely to be among the most affected amid reduced consumer spending.

Last week, Moody’s Investors Service sharply cut India’s growth forecast for calendar 2020 to 2.5 percent from 5.3 percent estimated earlier.

S&P Global Ratings had on Monday further slashed India’s growth forecast to 3.5 percent in 2020-21, saying “while lower official interest rates and government stimulus actions provide some relief, the slump in demand is likely to lead to declining credit quality and rising defaults, particularly among nonfinancial corporates with weaker credit profiles”.

The earlier downgrade to India’s FY21 growth rate came on March 17, days before the 21-day lockdown was announced by Prime Minister Narendra Modi. S&P had cited the global recession affecting the Asia-Pacific region while lowering its India estimate to 5.2 percent from 5.7 percent in February.

Along with a 5 percent growth forecast for FY20, the S&P expects a sharp uptick in the Indian economy to 7.3 percent in FY22.

On March 20, Fitch had projected India’s GDP growth for 2020-21 at 5.1 percent, lower than 5.6 percent estimated in December 2019.

ADB put global losses from COVID-19 in the range from USD 2 trillion to USD 4.1 trillion, equal to 2.3-4.8 percent of global GDP.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Coronavirus: ADB announces USD 6.5 bn package for developing member countries

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Asian Development Bank (ADB) on Wednesday announced a USD 6.5 billion package for its developing member countries to fight the coronavirus pandemic.

The initial package has been announced to address the immediate needs of developing member countries (DMCs) as they respond to the Covid-19 pandemic, ADB said in a statement.

Manila-headquartered ADB works towards sustainable development and poverty eradication in Asia and the Pacific region.

“This pandemic has become a major global crisis. It requires forceful action at national, regional and global levels,” ADB President Masatsugu Asakawa said.

“With our developing member countries, we are formulating an aggressive set of actions to combat the pandemic; to protect the poor, the vulnerable, and wider populations across the region; and to ensure economies will rebound as swiftly as possible.

“Based on close dialogue with our members and peer institutions, we are deploying this USD 6.5 billion rescue package to meet the immediate needs of our members,” he added.

Asawaka said ADB stands ready to provide further financial assistance and policy advice down the road whenever the situation warrants.

The multilateral funding agency said the pandemic demands a coordinated response and strong collaboration among countries and organisations.

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.

It will also include the US Centers for Disease Control and private sector organisations, to ensure effective implementation of its COVID-19 response.

ADB said it will seek adjustment in its financing instruments and business processes to provide the support package for its developing member countries (DMCs) as quickly and flexibly as possible.

“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,” the release said.

This initial package of USD 6.5 billion includes around USD 3.6 billion in sovereign operations for a range of responses to the health and economic consequences of the pandemic and USD 1.6 billion in non-sovereign operations for micro, small and medium-sized enterprises, domestic and regional trade, and firms that are directly impacted.

ADB said it will also mobilise about USD 1 billion in concessional resources through reallocations from ongoing projects and assessing possible needs for contingencies.

“ADB will make available USD 40 million in technical assistance and quick-disbursing grants.” it added.

Since its first response to the COVID-19 situation on February 7, ADB already provided more than USD 225 million to meet urgent needs of both governments and businesses in DMCs.

The funding agency will publish estimates of the economic impact of the pandemic in its Asian Development Outlook 2020 on April 1, 2020.

Earlier on March 6, it had published an initial economic analysis for the region, and said the global economy may suffer losses of USD 77-347 billion due to the virus outbreak and Asia may be impacted significantly.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow