Asian Development Bank (ADB) to immediately release $50 million for Pakistan in an effort to fight and fend off the deadly coronavirus pandemic.

An official statement by the global money lending body said that the grant will be exclusively given to the country’s National Disaster Management Authority (NDMA).

A total of $35 million will be disseminated to Pakistan in regular tranches as it battles the fast-spreading COVID-19, coronavirus.

The coronavirus (COVID-19) outbreak could cost Pakistan’s economy between $16.387 million to $4.95 billion, or 0.01 to 1.57 percent of the gross domestic product (GDP) in losses, said the Asian Development Bank (ADB) in a report.

ADB released a study “COVID-19 Outbreak to Have Significant Economic Impact on Developing Asia” on March 6, where it mentioned several scenarios such as best case, moderate case, worse-case and the hypothetical worst-case to assess the impact of COVID-19 on various developing countries in Asia.