Financial institutions will grant aid to strengthen health system and mitigate socioeconomic impacts. SCREENGRAB
Economic Affairs Secretary Noor Ahmed signed the three loan agreements with WB country director Patchamuthu Illangovan and ADB country director Xiaohong Yang on behalf of all three financial institutions, according to an official statement.
Prime Minister Imran Khan witnessed the signing ceremony held in Islamabad on Friday.
1) PM @ImranKhanPTI witnessed the signing ceremony of the financing agreements worth US$ 1,500 million with the three International Financial Institutions (IFIs); the World Bank (WB), the Asian Development Bank (ABB), and the Asian Infrastructure Development Bank (AIIB)#Covid_19 pic.twitter.com/fJIZYBGiEy
— Prime Minister's Office (@PakPMO) June 19, 2020
Pakistan to seek $3.7b more in loans to offset virus impact
The ADB is extending financial support of $500 million under Covid-19 Active Response and Expenditure Support Program (CARES) with the objective to support Pakistan’s efforts to strengthen the health system and mitigate socioeconomic impacts of the Covid-19 pandemic.
"The AIIB is extending co-financing of $500 million for the CARES to augment the government’s efforts to mitigate the direct and indirect impacts of coronavirus outbreak," the official communique said.
Whereas, $500 million will be spent on Securing Human Investments to Foster Transformation (SHIFT) which "aims to strengthen the Civil Registration and Vital Statistics, health and education systems essential for Human Capital (HC) accumulation; recognise and support the contribution of women to economic productivity; and improve efficiency of the national safety nets".
The disbursement of $1.5 billion will be disbursed to Pakistan in next few days, read the statement.
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