Mongolia’s economy grew rapidly between 2004 and 2014. This propelled the country into middle-income status by 2011 and allowed it to expand its social welfare programs through large fiscal surpluses and distributed mining income. Social transfers, which accounted for about 40% of the income of poor people, significantly reduced poverty.
Taking a cautious approach to address gender-based violence (GBV), which is a non-traditional area for Asian Development Bank (ADB) assistance, ADB approved a grant of $750,000 from the Japan Fund for Poverty Reduction (JFPR) for a pilot project on Establishing Women and Children Service Centers (WCSCs) in Nepal in July 2009.
The sharp fall in the global prices of hydrocarbons in 2016 resulted in a massive devaluation of manat, the local currency of Azerbaijan, whose economic growth is largely sustained by the exploration of large reserves of crude oil and natural gas.
Tropical Cyclone Winston, the second most powerful storm on record, after the 2013 Typhoon Yolanda in the Philippines, struck Fiji on 20 February 2016. The cyclone killed 44 people and left a trail of destruction across large parts of the rural areas. Total damage and loss was estimated at $1.4 billion—equivalent to 27.6% of the country’s 2016 gross domestic product (GDP).
Strong economic growth, driven by years of economic reforms and the country’s vast mineral wealth, supported Mongolia’s rise to middle-income status in 2011. It also bolstered fiscal revenues and allowed the government to strengthen its social welfare programs, which were crucial for inclusive development, as the mining sector that comprised the main driver of growth provided less than 4% of e