What assistance can the Asian development Bank (ADB) provide to Georgia in the fight against COVID-19? - this issue was discussed by the President of the Asian development Bank Masatsugu Asakawa and the Finance Minister of Georgia during a telephone conversation.

This is reported by the Asian development Bank.

"The Asian development Bank fully supports Georgia in this difficult situation and we are considering all possible options to help the country quickly and effectively. ADB is ready to work with the government and key partners to help the affected economy, which will allow the country to take care of the most affected part. We are also working to help the private sector, " said Masatsugu Asakawa, the Bank's President.

Finance Minister Ivane Machavariani, in turn, thanked the President of the Asian development Bank for the support expressed by the Bank and for intensive communication with member countries, including Georgia.

According to the Asian development Bank, Georgia is experiencing a double shock due to the direct impact of the pandemic and the indirect impact of falling oil prices. The impact will be particularly difficult for tourism and other service sectors. Falling oil prices have a negative impact on transfers from neighboring countries, and slowing growth in these countries also weakens trade.

Bank President asakava stressed that Georgia is a leading reformer, and this has enabled the country to take decisive responsible actions against the pandemic, including tax incentives for the hard-hit tourism industry, investment aimed at stimulating the economy and improved access to Finance for micro, small and medium-sized enterprises and individuals.these steps will help Georgia effectively use its resources and lay the Foundation for a rapid economic recovery.

On March 18, 2020, the Asian development Bank announced initial assistance of about us $ 6.5 billion in response to the COVID-19 pandemic for developing member countries, including the basic needs of Georgia. ADB is ready to provide additional financial and Advisory assistance to countries as needed.

The goal of the Asian development Bank is to support the successful, multi-stakeholder and sustainable development of the Asia-Pacific region. At the same time, it continues to work to eradicate extreme poverty in the region.

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