Asian Development Bank to Support Georgia in Fight against Coronavirus

The Asian Development Bank (ADB) is contributing around $6.5 billion to address the urgent needs of developing countries, including Georgia, to facilitate their fight against the coronavirus pandemic.

ADB President Masatsugu Asakawa and Georgia’s Minister of Finance Ivane Machavariani today discussed how ABD can support Georgia.

“ADB is ready to support Georgia at this unprecedented time, and we are considering every option to ensure support is provided quickly and effectively. ADB is ready to work with the government and key partners on countercyclical support that will enable it to meet the needs of the people most affected. Significant efforts are also ongoing to ensure that we can provide further support to the private sector”, said Asakawa.

The ABD press release mentions the shock that Georgia is experiencing due to the deadly pandemic, coupled with the indirect effects of lower oil prices. “The impact will be particularly severe on tourism and other services. Lower oil prices are negatively affecting remittances from neighboring countries and trade flows are weakening as growth slows in these countries”, reads the ABD press release.

Mr.Asakawa emphasized Georgia’s role as a leading reformer in the region, which has also been evident in the country’s impressive fight against the pandemic. When enumerating the effective measures that Georgia has initiated, Asakawa mentioned “tax concessions to the hard-hit tourism industry, capital expenditures to provide economic stimulus, and expanding access to funding for micro, small, and medium-sized enterprises and private individuals.”

Established in 1966, ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.