ADB announces support package for member states hit by Middle East conflict

MANILA - The Asian Development Bank announced on Tuesday a financial support package to help developing member countries mitigate the economic impact of the Middle East conflict.

ADB President Masato Kanda said in a statement the lender will deliver "fast-disbursing budget support and trade and supply chain finance to secure the import of essential goods now, including oil."

The ADB did not provide details on the size of the package.

• The ADB said the financial support has two main components. First, is the use of the Countercyclical Support Facility to help stabilise economies and mitigate the impact of shocks on vulnerable groups.

• The second is the Trade and Supply Chain Finance Program support to keep critical imports, especially energy and goods, flowing, including the temporary reactivation of oil import support.

• The ADB said it has started discussions with all severely affected developing member countries on possible immediate support.

-Reporting by Karen Lema; Editing by Andrew Heavens and Barbara Lewis/Reuters