'NDB should enhance emergency facility to USD 10 bn to fight Coronavirus': FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday asked New Development Bank (NDB) to enhance emergency facility to USD 10 billion to combat Coronavirus pandemic. FM Sitharaman participated in 5th Annual Meeting of Board of Goverrs of NDB through video-conference.

'...this facility should be enhanced'

"On discussion of COVID-19, FM appreciated NDB's effort on fast-tracking of financial assistance of about USD 5 billion to BRICS countries including Emergency Assistance of USD 1 billion India to combat COVID-19 pandemic. She also suggested that assistance under this Facility to be enhanced to USD 10 Billion," an official statement quoted Sitharaman.

"I am happy to te that bank has financial capacity to enhance emergency facility up to USD 10 billion for crisis-related assistance. refore, based on demands from member countries this facility should be enhanced," she said.

FM urged NDP to follow invative practices

Finance Minister also outlined various measures taken by India to respond to COVID-19 crisis includes allocation of USD 2 billion (Rs 15,000 crore) by government for strengning healthcare system; anuncement of a scheme of social support measures amounting to USD 25 billion (Rs 1.70 lakh crore) to alleviate hardship of poor and vulnerable; insurance cover of USD 67,000 (Rs 50 lakh) per person to over 2.2 million frontline health workers and ors provision of relief to firms in statutory and regulatory compliance matters; and easing of monetary policy by Reserve Bank of India.

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She also strongly encourd NDB to take appropriate actions to join G-20 forum along with or Multilateral Development Bank (MDBs)/International Financial Institutions (IFIs). minister urged NDB to follow invative practices in supporting BRICS nations for achieving ir Sustainable Development Goals.

Finance Minister of Brazil thanked India for timely help it received from India in form of critical drugs, statement ded.

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NDB was established by BRICS countries (Brazil, Russia, India, China and South Africa) in 2014. purpose of bank is to mobilize resources for infrastructure and sustainable development projects in BRICS and or emerging market ecomies and developing countries to complement existing efforts of multilateral and regional financial institutions for global growth and development.

NDB has so far approved 14 projects of India for an amount of USD 4,183 million.

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(With ncy inputs)