The Asian Development Bank (ADB) today has approved a $250 million loan to help the Government of Cambodia respond to the COVID-19 pandemic by strengthening the country’s health care system, increasing social assistance to the poor and vulnerable, and providing economic stimulus to businesses, including small and medium-sized enterprises.
The bank has issued the funds under the ADB’s COVID-19 Active Response and Expenditure Support (CARES) Program and is funded through the COVID-19 pandemic response option (CPRO) under ADB’s Countercyclical Support Facility. CPRO was established as part of ADB’s $20 billion expanded assistance for developing member countries’ pandemic response, which was announced on April 13.
The program includes a country engagement framework that will ensure the government and ADB continue a policy dialogue around the implementation and monitoring of Cambodia’s COVID-19 response. The framework will include consultations with the private sector and civil society organizations. The program is also linked to on going ADB support for public finance management reforms to strengthen governance and transparency and improve efficiencies in budget and policy development, expenditure tracking, and audit.
“This assistance will help the government mitigate the adverse health, social, and economic impacts of the pandemic,” said ADB President Masatsugu Asakawa.
“Cambodia has a record of sound macroeconomic management, but COVID-19 threatens to undermine progress in poverty reduction, especially among vulnerable groups such as women and migrant workers. This loan is part of ADB’s long-term engagement plan that focuses on supporting Cambodia’s economic recovery and fiscal sustainability.”
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.