Asian countries turn to the Asian Development Bank to weather the crisis

The rise in oil and gas prices following the war in the Gulf has prompted fifteen Asian countries to seek support from the Asian Development Bank. The requests for assistance submitted to the ADB amount to 4 billion dollars. Countries in the region are facing a severe shortage of oil and gas. The Asian Development Bank has cut its 2026 growth forecast from 5.1% to 4.7%. According to the ADB, inflation in 2026 is set to reach 5.2%, compared with the 3% projected before the war broke out. The fifteen countries include Bangladesh, the Philippines and Sri Lanka.