Asian Development Bank (ADB) President Masatsugu Asakawa and Georgian Prime Minister Giorgi Gakharia yesterday discussed ADB’s support package for Georgia’s fight against the novel coronavirus disease (COVID-19) pandemic.
The Asian Development Bank releases information.
“We know this pandemic is causing severe hardship for many people and businesses, in particular in tourism,” said Mr. Asakawa. “Once Georgia moves past the peak of the pandemic, significant challenges will remain to facilitate a recovery. ADB is working on a package of support to quickly help Georgia build a path to economic stability and growth.”
Mr. Gakharia thanked Mr. Asakawa for ADB’s strong and speedy support. The two sides discussed the importance of addressing the immediate economic impact of the crisis, and how ADB can help Georgia prepare the way for recovery.
ADB’s support is expected to focus on countercyclical budget financing, a fast tracked policy based loan for social protection measures, and programs to strengthen the energy, urban water, and vocational skills sectors—all of which are essential to ensuring a strong recovery. ADB is also increasing support for private sector operations in Georgia by providing loans and trade finance to banks in the country.
According to ADB information, the call followed an earlier discussion between Mr. Asakawa and Georgia’s Minister of Finance Ivane Matchavariani on 25 March when the minister outlined measures being taken by the Georgian government to reduce the spread of COVID-19 and manage the economic impact.
On 18 March, ADB announced an initial package of approximately $6.5 billion to address the immediate needs of its developing member countries, including Georgia, as they respond to the COVID-19 pandemic. ADB stands ready to provide further financial assistance and policy advice whenever the situation warrants.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.