The Asian Development Bank has said that Asia is now suffering the lender’s worst-case scenario under the global energy crisis, with 15 countries seeking emergency loans in response to the war in Iran.
ADB president Masato Kanda told the FT that the multilateral lender had received formal requests for $4bn as Asian economies grapple with severe shortages of oil and gas.
“The worst scenario is now materialised and . . . unfortunately Asia-Pacific is the region that is most severely affected,” said Kanda. “The energy price hike, the shipping price hike and the input price hike has now materialised.”
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