Among the multilateral development banks, the Asian Development Bank (ADB) stands out for its strong financial support for COVID-19 response relative to its overall lending volume. While ADB has proven to be responsive to government’s general financing needs during the crisis, has ADB’s performance matched the specific needs of the governments and populations facing the crisis in the region? Have the greater volumes of support actually targeted the people, places, and sectors that most need it? In a new policy paper, we tackle these questions.
CGD Policy Blogs
It was the best of times, it was the worst of times, it was the age of vaccines and reopening, it was the age of the Delta variant and closing down again. For many of us, the past year and a half has been stranger than fiction, a whirlwind of emotions and uncertainties. We hope this year's summer reading list provides you with new stories, strategies, and distractions to get you through the next few socially-distanced, masked-up months.
As governments worldwide increase their COVID-19 vaccination coverage, COVID-19 vaccination certificates (CVCs) are making headlines as a possible answer to the question of how to reopen economies safely. While countries like Israel and Estonia are well advanced in introducing CVCs, developing countries, as with their vaccination rates, are further behind. In especially interconnected developing regions like Southeast Asia, CVCs present unprecedented collaboration challenges, including that of coordination and trust.
COVID-19 and the economic crisis it unleashed have spurred unprecedented action from governments and international institutions. Multilateral development banks (MDBs) like the Asian Development Bank (ADB) swiftly committed resources to COVID-19 response and recovery efforts in 2020 and 2021, including a $20 billion countercyclical support facility and a $9 billion facility specifically for COVID-19 vaccine procurement and vaccination program implementation.