ADB to provide up to $ 2.5b under flood relief support to Pakistan this month: Country Director

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The Asian Development Band (ADB) will provide flood relief support to Pakistan to the tune of US$ 2.3 to 2.5 billion including US$ 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 told Finance Minister Senator Mohammad Ishaq Dar, who along with his delegation called on the minister at the Finance Division here 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 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.

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 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, the Finance Minister Ishaq Dar said. He 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 was in line with the vision of government of Pakistan.

The 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.—APP

 

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