Page 2 - Asian Development Bank

ADB commits $14 billion to ensure food security in Asia Pacific

The Asian Development Bank on Tuesday announced a USD 14 billion fund to fight food security crisis in Asia Pacific, threatened by adverse climate and exacerbated by Russia-Ukraine war choking supply lines, triggering soaring food prices. The multilateral funding agency is hosting its 55th annual meeting at its headquarters in Manila from September 26-30 in a hybrid mode with 45 governors of the member nations attending in person after 2019. Others will join virtually. "In this meeting, we are discussing our region's path to recovery as new uncertainties facing our developing member countries. These headwinds include food security, inflation and debt crisis. All these challenges need to be understood in rising threats of climate change," ADB President Masatsugu Asakawa said in a press conference addressed virtually. Offering a few reflections of the situation the Asia and the Pacific region is facing, he said the social and economic conditions have changed. "The pandemic was difficu

ADB cuts FY23 GDP forecast for India to 7% citing sluggish global demand

Earlier forecast was 7.2%; institution says high inflation is another growth hurdle, cut FY24 forecast to 7.2% from 7.8%

ADB cuts India's GDP forecast to 7% on high inflation, monetary tightening

The Asian Development Bank (ADB) has slashed India's economic growth projection for 2022-23 to 7 per cent from 7.2 per cent earlier, citing higher than expected inflation and monetary tightening. India's economy grew 13.5 per cent year-on-year in the first quarter of 2022-23, reflecting strong growth in services, ADB said in a supplement to its flagship ADO report on Wednesday. "However, GDP growth is revised down from ADO 2022's forecasts to 7 per cent for FY2022 (ending in March 2023) and 7.2 per cent for FY2023 (ending in March 2024) as price pressures are expected to adversely impact domestic consumption, and sluggish global demand and elevated oil prices will likely be a drag on net exports," it said. The ADO expects the Chinese economy to expand by 3.3 per cent in 2022 rather than the 5 per cent forecast earlier. Lockdowns from the zero-COVID strategy, problems in the property sector, and weaker external demand continue weighing on the economic activity in China, said the

ADB cuts outlook for developing Asia growth on slowing China expansion

The Asian Development Bank cut its growth forecast for China and also lowered its outlook for developing Asia amid rising interest rates, a prolonged war in Ukraine and Beijing's Covid Zero policy

ADB to provide $96.3-mn loan to improve water supply in Himachal Pradesh

The Asian Development Bank (ADB) will provide a loan of USD 96.3 million (about Rs 769 crore) for a project to provide safe drinking water and improve water supply and sanitation services in Himachal Pradesh. An agreement in this regard was signed between the multilateral lending agency and the central government. In a release, the finance ministry said more than 90 per cent of the state's rural population has access to drinking water, but the water supply infrastructure needs revamping for efficient and improved service quality. The ADB project will connect 75,800 households to the service, providing uninterrupted water supply to about 3,70,000 residents across 10 districts. To improve water supply and sanitation services, the project aims to construct 48 groundwater wells, 80 surface water intake facilities, 109 water treatment plants, 117 pumping stations, and 3,000 kms of water distribution pipelines, it said. A pilot fecal sludge management and sanitation programme will also

ADB approves Rs 770 cr loan for safe drinking water project in Himachal

The ADB project will connect 75,800 households to the service, providing uninterrupted water supply to about 370,000 residents across 10 districts.

ADB slashes India growth forecast to 7.2% for FY23, sees higher inflation

Private investment will soften due to higher cost of borrowing for firms, says development bank's outlook

Analysts slash India's GDP forecast amid high inflation, recession fears

On Thursday, ADB lowered India's growth forecast from 7.5 per cent to 7.2 per cent for FY23. Earlier on July 18, US-based Morgan Stanley also slashed India's GDP growth forecast to 7.2 per cent

Govts should mobilise more domestic resources via tax reforms: Albert Park

In an Q&A, ADB Chief Economist Albert Park tells that countries in region may not be able to carry on with large expenditures and social transfers meant for pandemic, given rising debt burden

Sri Lanka PM appointed as finance minister, to lead debt talks with IMF

He has held talks with foreign envoys, including from India, China and the US, and discussed with representatives from ADB and World Bank ways to replenish food, fertilizer and medicine supplies

ADB considering loan to Maldives bank to help nation's MSMEs: Ashok Lavasa

'What the ADB is trying to do is to incorporate elements of sustainability in tourism infrastructure,' he said

Sri Lanka says India, World Bank consider $2 billion bridge finance

The country of 22 million people is struggling to pay for imports after a sharp drop in foreign exchange reserves which has led to a currency devaluation and soaring inflation

Urbanisation and development

The relation between economic growth rate and the degree of urbanisation is mutually reinforcing, as higher economic growth results in high incomes that influence the rate of urbanisation

Pinbox gets seed capital from ADB Ventures to expand micro pension coverage

Pinbox works to address friction and accessibility challenges in delivering micro pension and insurance solutions to underserved informal sector workers, ADB Ventures said in a statement

Lanka oppn threatens no-confidence motion, industry warns of 'precipice'

President Gotabaya Rajapaksa is running his administration with only a handful of ministers after his entire cabinet resigned this week

Asian Development Bank retains India's GDP forecast for FY23 at 7.5%

The higher capital spending is likely to improve the efficiency of India's logistics infrastructure, among others, crowd-in private investment, generate jobs in construction, and sustain growth

India's economy to grow by 7.5% in FY23; to pick-up to 8% in FY24: ADB

Asian Development Bank on Wednesday projected a seven per cent collective growth for South Asian economies in 2022

Sri Lanka in talks with China for $2.5 bn credit support: Chinese official

Chinese ambassador to Sri Lanka Qi Zhenhong told reporters the two sides were also discussing a separate loan of up to $1 billion which the Sri Lankan government had requested

Coronavirus pandemic erased over 9 mn jobs in Southeast Asia, says ADB

This pushed 4.7 million people to extreme poverty last year, measured as living on less that $1.90 a day, the ADB said in a report

Trade integration deepens in Asia-Pacific region amid pandemic: ADB

Trade among economies in the Asia-Pacific rose to the highest level in three decades, bolstering the region's economic resilience amid the Covid-19 pandemic.