ADB approves immediate release of $50 million for Pakistan

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

ADB to approve an immediate grant of $50 million for Pakistan amidst COVID-19 crisis. 

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

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

The 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 ADB.

ADB released a study “COVID-19 Outbreak to Have Significant Economic Impact on Developing Asia” on March 6.

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.

Earlier in the day, the number of coronavirus cases increased up to 247 in Pakistan as Sindh reported nine new COVID-19 cases.

Advisor to Sindh Chief Minister, Murtaza Wahab while addressing a press conference in Karachi has said the province total of coronavirus patients has reached 181 in Sindh.