Coronavirus has sent global markets into a tailspin, hitting the capital markets, trade and supply chains, and most importantly the health of millions of people in just a matter of weeks. In response, resources are being reallocated towards vital health and business services. And Asia's development banks are stepping up their response to meet the needs of their clients grappling with these extraordinary events.
Where resources are being focused is changing. Tomoyuki Kimura, director-general of the strategy, policy and partnerships department at Asian Development Bank (ADB), says the bank will pivot its activities towards short-term support, with a priority on providing emergency funding for medical supplies and equipment. The ADB announced a $3.6bn injection in sovereign operations specifically to assist with the health and economic impacts of the outbreak.
