This Annual Report sets out the bank's operational and financial results for 2020 as it supported its developing member countries (DMCs) during a year of extraordinary challenges arising from the coronavirus disease (COVID-19) pandemic. Responding to COVID-19 has placed severe strain on many DMC governments’ budget and their ability to deliver adequate public services. To effectively respond to the pandemic, ADB assessed the public finance capabilities of DMCs for each CPRO project, and designed measures to ensure the proper use of emergency funds. To help DMCs meet fiscal challenges while preserving service delivery given the added financial pressures of the pandemic, ADB provided substantial policy support for tax and customs collection, budgeting, debt  sustainability, reform of state-owned enterprises (SOEs), and improvements in local governance.