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Thursday December 01, 2022

Pakistan expected to get up to $2.5b in flood-relief support from ADB

The announcement comes after Ishaq Dar's meeting with ADB officials

By Web Desk
October 05, 2022
An image of the headquarters of the Asian Development Bank (ADB). — ADB website/File
An image of the headquarters of the Asian Development Bank (ADB). — ADB website/File

ISLAMABAD: The Asian Development Bank (ADB) Wednesday announced $2.3 to 2.5 billion in relief support for Pakistan after deadly floods wreaked havoc on the country, taking over 1,700 lives.

ADB said the relief would include $1.5 billion for the Balochistan Rural Development and Community Empowerment Programme (BRACE), which will be placed before the ADB Board for approval this month, according to a statement from the Finance Ministry.

The announcement came after a meeting between ADB Country Director Yong Ye and Minister for Finance and Revenue Senator Mohammad Ishaq Dar at the Finance Division.

During the meeting — where several high-level officials from both sides were present — ADB's Ye extended felicitations to Dar on assuming his job as the finance minister and expressed sympathy for the loss of lives and properties amid flooding in the country.

He also spoke about ADB's ongoing and future projects in different sectors including social protection, food security and energy sectors. Regarding the Country Partnership Strategy for Pakistan 2021-25, ADB said that the strategy is in line with the Government of Pakistan's vision.

Dar thanked 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 programs.

He also welcomed ADB’s role and support in promoting sustainable development in Pakistan, and informed its delegation about the devastations caused by floods, as well as its impact on the country's economy.

Dar said that Pakistan’s economy faced huge challenges, but the present government with its pragmatic policy decisions has not only arrested the decline but has also set the economy in the right direction.