The Asian Development Bank has announced a financial package for economies affected by rising tensions in the Middle East, with immediate support to address inflation and supply chain disruption.
According to the ADB, countries across Asia and the Asia-Pacific region will receive urgent financial assistance to help withstand mounting economic pressure. Immediate budgetary support and financing programmes have also been initiated, while facilities will be extended to the private sector to maintain imports.
The institution stressed that protection of poor and vulnerable communities is essential, and support will be provided to sustain imports of oil, food and other essential goods.
The Bank noted that rising inflation, higher oil prices and disruption in supply chains have driven up costs and delayed deliveries, while the agriculture and food sectors also face risks.
It warned that countries reliant on tourism and remittances may face greater impact, with increased pressure on currencies and overall economic stability.
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