ADB allocates loan to help Georgia contain spread of COVID-19
BAKU, Azerbaijan, May 29
By Tamilla Mammadova – Trend:
Asian Development Bank (ADB) has approved a $100- million loan to help Georgia contain the spread of the coronavirus pandemic and mitigate its impact on businesses, Trend reports with reference to ADB.
"COVID-19 poses a grave threat to the public health and economic wellbeing of Georgia. We are fully committed to supporting Georgia’s response, and this comprehensive package will help address the country’s immediate health and socioeconomic needs”, said ADB President Masatsugu Asakawa.
Georgia began to introduce containment measures to shield its public health system, but the pandemic has significantly impacted the economy. Travel restrictions hit the tourism sector, which recorded an almost 60 percent year-on-year decline in international visits in March.
The ADB loan will protect the vulnerable by helping to fund the government’s social assistance measures. These include temporary payments for up to 350,000 formal-sector workers who could lose their jobs as a result of the pandemic; one-off payments for up to 250,000 informal or self-employed workers; subsidized utility bills for 1.2 million families; and a six-month price freeze on nine key food products.
To help contain the spread of the disease, the loan will help to fund free access to COVID-19 diagnostic and treatment services including for the poor, for whom out-of-pocket health expenses are particularly burdensome, the bank said
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