ADB to provide up to $2.5b for Pakistan flood relief

Asian Development Bank’s country director apprises Ishaq Dar about ongoing and future projects in various sectors

ISLAMABAD:

The Asian Development Bank will provide flood relief support to Pakistan to the tune of $2.3 to $2.5 billion including $1.5 billion for the BRACE programme which will be placed before the ADB board for approval this month.

This was assured by the Country Director of Asian Development Bank Yong Ye who called on Federal Minister for Finance and Revenue Mohammad Ishaq Dar in Islamabad on Wednesday.

Yong Ye also apprised the minister about the ongoing and future projects of ADB in different sectors including social protection, food security and energy sectors.

On August 31, the ADB also approved a $3 million grant for the immediate purchase of relief goods such as food supplies and tents on August 31, 2022.

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

The finance minister welcomed the delegation and 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 in the country and its impact on the economy of Pakistan. 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, Dar said. He also shared the priorities of the present government.

Yong Ye extended felicitations to the finance minister on assuming charge of the office and expressed sympathy for the loss of lives and properties in the devastating floods in Pakistan.

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

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

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 the Finance Division participated in the meeting.