The Global Economic Crisis Implications for Asia-Pacific and ADB
Updated: 19 November 2009
Update on ADB's Response to the Global Economic Crisis
ADB is acting promptly and decisively to meet the needs of its developing member countries (DMCs) affected by the global economic crisis. ADB remains focused on its areas of comparative strength, knowledge, and experience. ADB's crisis-related assistance will largely continue in the core operational areas under its long-term strategic framework 2008-2020.
ADB's crisis-related lending is expected to increase by more than $10 billion in 2009-2010, bringing total ADB assistance for these two years to about $32 billion. This compares with about $22 billion in 2007-2008. The $10 billion increase in lending comprises $1 billion for trade finance, $3 billion for the Countercyclical Support Facility and about $6 billion to extend loans such as those for infrastructure investment. ADB will also expand its crisis-related support through grants for policy analysis and capacity building.
ADB established a $3 billion Countercyclical Support Facility (CSF) that will provide short-term, fast-disbursing loans to support DMCs supplement their fiscal spending to counter the crisis, amidst tight global credit conditions and sharp increase in funding costs.
Given severe resource constraints faced by low-income countries, ADB approved an additional liquidity of $400 million to ADF-only countries with unanimous support from the ADF donors. ADF borrowers are also allowed to front-load their entire 2009-2010 biennial allocation.
ADB is also adopting a flexible approach for loans programmed before the crisis by making adjustments to better match the current financial and economic needs of each borrowing country.
In addition to its funding support, ADB is providing nonlending assistance for policy dialogue, policy advice for government officials at the country level, subregional and economic analysis and forecasts for the Asia and Pacific region. ADB is also working closely with the ASEAN Secretariat to multilateralize the Chiang Mai initiative, and establish a credit guarantee and investment mechanism as a trust fund to provide its members access to the Asian bond market for additional funding.
What's New |
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Knowledge and Strategic Work |
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- The Financial Crisis and Money Markets in Emerging Asia, November 2009
- The Global Economic Crisis: Impact on India and Policy Responses, November 2009
- How Has Asia Fared in the Global Crisis? A Tale of Three Countries: Republic of Korea, Philippines, and Thailand, October 2009
- Pacific Economic Monitor, Issue No. 3, November 2009
Other useful link: 9 November 2009
- The Impact of the Global Economic Slowdown on Poverty and Sustainable Development in Asia and the Pacific, Hanoi, Viet Nam, 28-30 September 2009
Other useful links:
30 September 2009, 29 September 2009, 28 September 2009, 24 September 2009
- Asian Development Outlook 2009 Update: Broadening Openness for a Resilient Asia
- ADB's Response to the Global Economic Crisis: An Update
- Key Indicators 2009
- Pacific Economic Monitor, Issue No. 2, August 2009
- Asia Economic Monitor
- The Global Economic Crisis: Challenges for Developing Asia and ADB's Response
- MDG Impact of the Global Economic Recession: Bali Seminar
- Asian Development Outlook 2009: Rebalancing Asia's Growth
- ADB (Apr 09): Asia Capital Markets Monitor
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ADB in the News |
- Need for Correct Timing on Exit Strategies for Stimulus Packages: ADB President
13 November 2009, News Release
- Asia needs more trade finance support from multilateral banks: ADB
12 November 2009, www.chinaview.cn, 16:54:11
- ADB's Kuroda: Emerging Asia Won't Exit Stimulus Soon
11 November 2009, 6:41 A.M. ET
- Economic outlook promising, but few concerns remain
Sun, 8 November 2009. 10:25 PM
- Asia must consume much of their produce, says ADB
8 November 2009, New Delhi
- Concerns temper positive Asian jobs data
30 October 2009 18:01
- Asian co-operation must gain currency
Published: 27 October 2009 20:39 | Last updated: 27 October 2009 20:39
- East Asia warned on currency threat
By Kevin Brown and Tim Johnston in Hua Hin, Thailand Published: 25 October 2009 23:32 | Last updated: 25 October 2009 23:32
- Asian leaders seek to reduce Western trade ties
Sun, 25 October 2009 2:52pm IST
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Links |
Below are links to websites of selective partner organizations working on the financial, economic and social impacts of the global economic slowdown.
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