The Exchange of Notes for the COVID-19 Crisis Response Support Loan for Social Protection was signed by SUZUKI Satoshi, Ambassador of Japan to India and Dr CS Mohapatra, Additional Secretary, Department of Economic Affairs.
This yen loan is the latest addition to Japan’s support for India in its fight against COVID-19. After the outbreak of the pandemic, Japan provided rapid assistance to India, including:
Yen loan for COVID-19 emergency (up to 50 billion yen or approximately INR 3,549 crore): This financial support is intended for the implementation of health and medical policy by the Indian government and is expected to lead to development of hospitals equipped with intensive care units and infection prevention and management facilities. It is also expected to lead to the improvement of telemedicine using digital technology in many villages across India, according to an official at the Japanese Embassy.
Grant aid to provide oxygen generators to the Indian government (1 billion yen or 71 crore INR approx.): Oxygen generators can be used for the treatment of COVID-19 patients in critical conditions. This grant aims to strengthen India’s infectious disease countermeasures, as well as its health and medical systems.
Japan has also partnered with international organizations to provide emerging assistance to the Indian government after COVID-19. The total amount of aid provided through these international organizations to India is over USD 7.26 million (approximately INR 52 crore).
With the new loan announced on Friday, Japanese COVID-19 aid to India stands at over INR 5,800 Crore (approx). COVID-19 has brought enormous economic and social tensions. The temporary suspension of economic activities due to the lockdown and subsequently affected disadvantaged and vulnerable people, including women, in India, officials said. This new yen loan is being provided, in addition to the previous support directly targeting the improvement of public health, to provide much needed social protection to these people by assisting the relevant policies of the Indian government, including Pradhan Mantri Garib Kalyan Yojana by Prime Minister Modi (PMGKY).
This yen loan is “budget support” to help India’s political goals, as was the case with its 50 billion yen predecessor, allowing greater flexibility for the Indian government to provide effective responses to the situation. emergency, the official said. , adding: “We hope this assistance will lead to the mitigation of the socio-economic impacts of COVID-19 and greater resilience of Indian societies, helping India, a trusted partner and close friend of Japan, to emerge even stronger after the pandemic. ”