BUSINESS INFORMATION - Leadership of the Asian Development Bank (ADB) Monday approved a short-term lending for the fiscal stimulus of 500 million U.S.

BUSINESS INFORMATION - Leadership of the Asian Development Bank (ADB) Monday approved a short-term lending for the fiscal stimulus of 500 million U.S. dollars for the Philippines, which is the first loan agreement in Countercyclical Program Support Facility (CSF) of ADB.

ADB press release received here on Monday, explaining, CSF funds to 3 billion U.S. dollars has been decided in June to support the development of ADB member countries who need to improve the shopping to the global economic crisis.

State programs eligible for ADB-CSF is a member who has experienced the impact of the global economic crisis, but shows the effort to overcome the macroeconomic policies and has a number of programs to menangkalnya.

Loans to the Philippines is also expected to reduce the shortage of budget financing in this country because the program is designed to support spending programs for handling the budget crisis in 2009, including employment projects, infrastructure and enhance the transfer of funds required by the program are included in programs to reduce the impact of the crisis.

Arjun also said that this program is designed to maintain the momentum of development efforts of key countries to expand fiscal space in a challenging time for the global economy.

CSF loan term of five years with a three-year grace period is the flowering of about 200 basis points above the cost of ADB loans, which reflects the price difference before the global economic crisis.