Pakistan received highest funding in 2022: ADB
The ADF is ADB’s largest source of grants for operations in its poorest and most vulnerable developing member countries and is replenished every four years. PHOTO: FILE
The Asian Development Bank (ADB) has claimed that Pakistan is the only Asian country that received the highest funding last year.
The bank said that floods damaged the economy, especially the crops which created an imbalance of supply and demand and increased inflation.
According to the annual report released by the ADB, Pakistan received the most funding during 2022.
The ADB financed projects worth $31.8 billion in Asia. “The ADB and partners have given projects worth $5.5 billion to Pakistan while in 2022, concessional loans of $2 billion and $60 million have been provided to Pakistan.”
According to the report, Pakistan's economy suffered the most damage due to floods, as “crops have been destroyed in Pakistan due to floods, the balance of supply and demand has deteriorated and local inflation has also increased due to the destruction of crops in Pakistan”.
According to the ADB report, 1,730 people were killed, 33.3 million people were affected by the floods in Pakistan, while the floods caused a loss of $30 billion to Pakistan's economy.
According to the report, $1.5 billion has been provided to Pakistan for the flood-affected areas, while $16 billion has been promised for the restoration of the flood-affected areas by the international trade partners.
In the annual ADB report, it is also stated that Pakistan was provided $1.5 billion for flood-affected areas.