The Asian Development Bank (ADB) is ready to provide Vietnam with timely and flexible support for the government’s response to the Covid-19 pandemic, according to ADB President Masatsugu Asakawa.

Illustrative photo.

"The ADB stands ready to provide financial assistance and policy advice to help the Vietnamese government contain the spread of Covid-19,” said Asakawa.

“We will consider all options, including quick-disbursing budget support, policy-based lending, and expedited disbursement of existing loans, to ensure any support package can be approved quickly and disbursed in a timely manner.”

Asakawa discussed options for ADB support in detail with Vietnam’s Minister of Finance Dinh Tien Dung on March 20 and Governor of the State Bank of Vietnam Le Minh Hung today.

Asakawa commended the Vietnamese government on its timely and effective actions to combat the pandemic. He welcomed the government’s focus on maintaining economic stability and growth in the medium and long-term, including through expanding public investment expenditure and strengthening social safety nets for poor and vulnerable households.

On March 18, ADB announced a US$6.5-billion initial package to address the immediate needs of its developing member countries as they respond to the Covid-19 pandemic.

Asakawa said ADB will provide additional support as needed.