The Asian Development Bank clarified that it will not revise its allocation for emergency loans to countries affected by rising food costs. “I think at this moment USD500 million would be sufficient to respond to the requests made by a few countries in Asia-Pacific,” said ADB President Haruhiko Kuroda, who was in Jeju, South Korea for a conference with Asian and European finance officials. “We can consider (increasing aid if requested), but since the assistance must be concessional … our resources are limited,” Kuroda added. The ADB has not given specific details on the initiative since announcing it at the conclusion of its annual meeting in Madrid last month.
Source: ADB’s Kuroda: no plan to boost emergency aid loans (Reuters)