Business News
ADB approves 500-million-dollar loan for Philippines
Aug 24, 2009, 10:38 GMT
Manila - The Asian Development Bank (ADB) said Monday it has approved a 500-million-dollar loan to boost the Philippines' fiscal spending amid the global economic recession.
The Manila-based ADB said the loan was the first to be accessed from the bank's 3-billion dollar Countercyclical Support Facility (CSF) to help developing member countries cope up with the crisis.
'This loan is critical for the Philippine government to stimulate the economic recovery, protect its social spending and poverty reduction programmes,' said Arjun Thapan, director general for ADB's south-east Asia department.
The ADB said the loan will help close the government's budget financing for this year and support programmes like labour-intensive infrastructure projects and conditional cash transfers for the country's impoverished millions.
Aside from the Philippines, other countries that have requested CSF allocations are Bangladesh, Indonesia, Vietnam, Kazakhstan, Pakistan and Sri-Lanka, the ADB said.
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