COVID-19 and the Finance Sector in Asia and the Pacific: Guidance Notes
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COVID-19 and the Finance Sector in Asia and the Pacific - Asian Development Bank
COVID-19 AND THE FINANCE SECTOR IN ASIA AND THE PACIFIC
GUIDANCE NOTE
DECEMBER 2021
Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)
© 2021 Asian Development Bank
6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines
Tel +63 2 8632 4444; Fax +63 2 8636 2444
www.adb.org
Some rights reserved. Published in 2021.
ISBN 978-92-9269-322-0 (print); 978-92-9269-323-7 (electronic); 978-92-9269-324-4 (ebook)
Publication Stock No. TIM210532-2
DOI: http://dx.doi.org/10.22617/TIM210532-2
The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.
ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned.
By making any designation of or reference to a particular territory or geographic area, or by using the term country
in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.
This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be bound by the terms of this license. For attribution, translations, adaptations, and permissions, please read the provisions and terms of use at https://www.adb.org/terms-use#openaccess.
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Corrigenda to ADB publications may be found at http://www.adb.org/publications/corrigenda.
Notes:
In this publication, $
refers to the United States dollar, AMD
refers to dram, B
refers to baht, CNY
refers to yuan, D
refers to dong, GEL
refers to Iari, HK$
referts to Hong Kong dollar, ₹
refers to Indian rupee,
refers to peso, RM
refers to ringgit, Rp
refers to rupiah, S$
refers to Singapore dollar, SLRe
refers to Sri Lanka rupee, T
refers to tenge, Tk
refers to taka, and W
refers to won.
ADB recognizes China
as the People’s Republic of China; Hong Kong
as Hong Kong, China; Korea
as the Republic of Korea; Siam
as Thailand; and Vietnam
as Viet Nam.
On the cover: (1) Hafiz Mohsin is recharging his Zu card himself from recharging machine on BRT station. ADB supported for safe, modern urban transport services where people travel easily in Peshawar, Pakistan (photo by Rahim Mirza/ADB). (2) People doing bank transactions during the COVID-19 pandemic in Cambodia (photo by ADB). (3) Sami Khan, a daily wage laborer, waited on Murree road’s roadside during the COVID-19 lockdown in Pakistan (photo by Rahim Mirza/ADB). (4) A Sri Lankan Muslim shop keeper arranges sweets prior to Ramadan celebration in Colombo, Sri Lanka. Muslims around the world are preparing to celebrate Eid al-Fitr, the three-day festival marking the end of the Muslim holy fasting month but the government imposed an island-wide curfew due to the corona virus pandemic (photo by M.A. Pushpa Kumara). (5) Training facilitators from Vena Energy, Mataram University, and the local government helped the women of Jeger Buana Lombok to expand their market for their cassava chips business (photo by Achmad Ibrahim/ADB).
Cover design by Anthony Villanueva.
Contents
Tables and Figures
Acknowledgments
This Guidance Note, COVID-19 and the Finance Sector in Asia and the Pacific, was prepared by the Finance Sector Group (FSG) under the Sustainable Development and Climate Change Department (SDCC) of the Asian Development Bank (ADB). This is part of a series of ADB guidance notes produced in response to the coronavirus disease (COVID-19) pandemic.
Junkyu Lee, chief of FSG, SDCC, led production of the note, with a key contribution from Thomas Kessler, principal finance sector specialist (disaster insurance). Valuable technical inputs and comments were provided by FSG secretariat team colleagues, in particular; Arup Kumar, principal finance sector specialist; Sung Su Kim, finance sector specialist (inclusive finance); Hyungchan Lee, finance sector specialist (capital markets); Lisette Cipriano, senior digital technology specialist (financial technology services); Jae Deuk Lee, finance sector specialist; Raquel R. Borres, senior economic officer; and with support from Katherine Mitzi Ho. Co, associate operations analyst; and Matilde Mila D. Cauinian, operations assistant.
The team also appreciates the guidance from ADB’s FSG committee co-chaired by Christine Engstrom, director, Private Sector Operations Department; and Tariq Niazi, director, Central and West Asia Department along with the members: Xiaoqin Fan, director, East Asia Department; Lotte Schou-Zibell, regional director, Pacific Department; Sabyasachi Mitra, director, South Asia Department; Jose Antonio Tan, director, Southeast Asia Department; Satoru Yamadera, advisor, Economics Research and Regional Cooperation Department; and Jonathan Grosvenor, assistant treasurer, Treasury Department. Likewise, it has valued the support and advice of the operations departments, in particular, Irfan A. Qureshi, Jennifer Romero-Torres, Aziz Haydarov, Giacomo Giuseppe, and Shiu Raj Singh.
The FSG Secretariat team greatly appreciates SDCC Director General Bruno Carrasco’s overall direction on the post-COVID-19 financial policy considerations. SDCC Chief Sector Officer Robert Guild provided guidance on preparation of the publication to enhance quality and structure, with encouragement for FSG secretariat colleagues.
The team is grateful for substantial research contributions from ADB consultants Mikko Marl V. Diaz and Alyssa Villanueva. Editing consultant to FSG, Eric Van Zant, edited the file.
Abbreviations