ADB releases funds worth $1.5b to Pakistan under BRACE program

Islamabad: Asian Development Bank (ADB) has released funds worth 1.5 billion dollars to Pakistan under BRACE program.

Finance Minister Ishaq Dar, in a tweet on Wednesday, said that the amount has been released for the credit of the Government of Pakistan’s account with State Bank.

Asian Development Bank has released funds $1.5 billion to Pakistan under BRACE program for the credit of Govt of Pakistan’s account with State Bank of Pakistan.
AlhamdoLilah!

— Ishaq Dar (@MIshaqDar50) October 26, 2022

According to ADB statement, the $1.5 billion countercyclical support is part of a significant response package to support people, livelihoods, and infrastructure in Pakistan in the wake of the recent floods which have affected over 33 million people and caused extensive damage to infrastructure and agriculture.

It will also help to expand the number of families receiving cash transfers from 7.9 million to 9 million, increase the number of children enrolled in primary and secondary schools, and enhance geographic coverage of health services and nutritional supplies for pregnant and lactating mothers and children under 2 years old.