ADB will provide $2.3-2.5 billion to Pakistan as flood relief support

Islamabad: The Asian Development Band (ADB) will provide flood relief support to Pakistan to the tune of $2.3 to $2.5 billion including $1.5 billion for the BRACE program which will be placed before the ADB Board for approval during this month, Country Director ADB for Pakistan Yong Ye said on Wednesday.

During a meeting with Finance Minister Senator Mohammad Ishaq Dar here, Yong Ye also apprised him about the ongoing and future projects of ADB in different sectors including social protection, food security and energy sectors.

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

Furthermore, the ADB is also aiming to mobilize 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 current year.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held a meeting with a delegation of Asian Development Bank (ADB) headed by its Country Director Yong Ye here at the Finance Division on Wednesday.

Finance Minister Senator Mohammad Ishaq Dar welcomed the delegation and appreciated ADB’s role and support in promoting sustainable development in Pakistan.

He apprised the delegation of 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. Finance Minister Ishaq Dar also shared the priorities of the present government.

Country Director ADB, Yong Ye extended felicitations to 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 is in line with the vision of government of Pakistan.

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.

SOURCE: APP