Multilateral lending institutions like Asian Development Bank need to extend support to developing countries: FM Nirmala Sitharaman
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In order to prevent the COVID-induced health crisis from turning into a full-blown economic catastrophe, Finance Minister Nirmala Sitharaman has asked multilateral lending institutions like the Asian Development Bank (ADB) to extend support to developing countries.
Nirmala Sitharaman also underlined the need for a coordinated and inclusive global strategy to avoid the long-term debilitating impact of the pandemic on the developing economies. She further said 'The green shoots of recovery that can be seen in all the economies in our constituency have to be carefully nurtured to ensure that there are no adverse shocks due to the recent increase in the rates of infections'.
Besides, Finance Minister urged the advanced and non-borrowing member nations of ADB to stand with the Developing Member Countries (DMCs) in this hour of crisis which would demonstrate their commitment for the collective global economic prosperity.
