ADB has no modality for a financial crisis response operation for Asian Development Fund countries. The special program loan in the Program Lending Policy is limited to ordinary capital resources countries and can only used to address balance of payment crises. Likewise, emergency assistance under the Disaster and Emergency Assistance Policy (DEAP) does not include financial crisis response. As such, the program had to use the standard program grant modality and develop the design of program actions to allow quick processing and disbursement. While program preparation was shorter than for typical program grants and loans, preparation would have benefited from streamlined and abbreviated procedures similar to the countercyclical support facility and the DEAP, and would have been able to provide the support much earlier.
Crisis Recovery Support Program