The Asian Development Bank (ADB) announced on March 24 a financial assistance package to help its developing member countries mitigate the economic and financial consequences of the conflict in the Middle East.:
“ADB will provide fast, flexible and scalable support to help countries manage immediate pressures and build long-term resilience, including rapidly disbursed budget support, as well as trade and supply chain financing to support imports of key commodities, now including oil,” said ADB President Masato Kanda. “This builds on our wealth of experience supporting the Asia-Pacific region during times of global uncertainty.”
ADB has sufficient resources to protect existing and planned programs while expanding emergency assistance to meet the needs of developing member countries, including the use of the Countercyclical Lending Reserve.
The Bank closely monitors global market developments and their potential impact on the economies of the Asia-Pacific region, particularly in terms of energy price fluctuations, inflationary pressures and external balances.
Recent ADB analysis shows that disruptions to shipping routes have already increased costs and delivery times, while supply risks extend beyond the energy sector to critical industrial raw materials such as petrochemicals and fertilizers, with serious implications for agriculture and food production.
Economies dependent on tourism and remittances face cumulative vulnerabilities beyond these initial shocks.
In addition, the conflict increases uncertainty and tightens financial conditions across the region, putting pressure on currencies and capital flows.
In response, ADB stands ready to provide timely financial and technical assistance to help developing member countries manage risks, maintain macroeconomic stability, and protect vulnerable populations.
ADB’s intervention has two main components. The first is rapid budget support to support developing member countries facing heightened fiscal pressures, particularly through the use of the bank’s countercyclical support tool to help governments stabilize their economies and mitigate the impact of shocks on the lives and livelihoods of the most vulnerable people.
The second is ADB’s Trade and Supply Chain Financing Program (TSCFP), which supports the private sector to ensure that vital imports, including energy and food, continue to flow.
The bank has decided to restore oil import support within the framework of the program in an exceptional manner during this limited period.
This decision recognizes that the region’s economies and people are severely affected by rapidly rising oil prices and supply chain disruptions.
ADB has begun discussions with all hard-hit developing member countries about possible immediate assistance and will continue to work closely with governments, development partners and the private sector to ensure a coordinated and effective response to maintain economic stability and protect the poor and most vulnerable.
ADB is a leading multilateral development bank that supports sustainable, inclusive and resilient growth in the Asia-Pacific region. Working together with its members and partners to solve complex challenges, ADB uses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure and protect our planet. Founded in 1966, ADB has 69 members, 50 of which are from the region.
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