ADB announces $2.5bn flood relief support to Pakistan

ISLAMABAD: The Asian Development Bank (ADB) will provide flood relief support to Pakistan to the tune of $2.3 to 2.5 billion.

ADB Country Director for Pakistan Yong Ye along with a delegation called on Finance Minister Senator Ishaq Dar at the Finance Division and announced the flood assistance.

The funds includes $1.5 billion for the Balochistan Rural Development and Community Empowerment (BRACE) program which will be placed before the ADB Board for approval this month.

The ADB director also apprised the minister about the ongoing and future projects of the global financial institution in different sectors including social protection, food security and energy sectors.

On August 31, ADB also approved $3 million grant for the immediate purchase of relief goods such as food supplies and tents.

The ADB is also aiming to mobilize $500-700 million package for much-needed immediate relief assistance for early recovery, rehabilitation, and reconstruction. The package would be approved by the end of current year.

The finance minister appreciated the ADB’s role and support in promoting sustainable development in Pakistan. He apprised the delegation of  the devastation caused by the recent floods and its impact on the economy.

He further stated that Pakistan’s economy faced huge challenges. The present government with its pragmatic policy decisions, has not only arrested the decline but has also set the economy in the right direction, the finance minister said.

Country Director ADB Yong Ye felicitated the finance minister on assuming the charge of the office and expressed sympathy on the loss of lives and properties in the devastating floods in Pakistan.

Regarding the Country Partnership Strategy for Pakistan 2021-25, he shared that this strategy was in line with the vision of government of Pakistan.

The finance minister expressed gratitude to ADB delegation for their persistent support and assured them of full cooperation by the government for swift execution of the ongoing and future programs.

Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, Asad Aleem, Deputy Country Director ADB, Kiyoshi Taniguchi Principal Economist ADB, Laisiasa Tora, Senior Public Management Specialist ADB and senior officers from Finance Division participated in the meeting.

Also Read

Pakistan to face $1.5bn losses from floods each year: ADB report

ISLAMABAD: Asian Development Bank (ADB) has warned that floods are expected to...