ADB’s $1.5bn programme crucial help for Pakistan: PM Shehbaz Sharif

ISLAMABAD: Prime Minister Shehbaz Sharif on Monday said that Asian Development Bank’s (ADB) ‘Building Resilience with Active Countercyclical Expenditure’ (BRACE) programme would go a long way to improve Pakistan’s financial position and help flood victims, besides building the resilience and infrastructure.

The prime minister while addressing the signing ceremony of $1.5 billion programme, thanked the ADB for extending support to Pakistan at a critical time. He said the ADB had always been a great partner and recalled the institution’s support for the solarisation of schools and other projects during his stint as the chief minister of the Punjab.

The prime minister also expressed gratitude to the ADB President for gracious support to Pakistan aimed at providing social protection, promoting food security, and supporting employment for its people amid devastating floods and global supply chain disruptions.

In his remarks, Finance Minister Ishaq Dar recalling his fruitful meeting with the ADB president in Washington, said the organisation had always supported Pakistan in a pragmatic way and also thanked the Bank’s vice president for the timely support.

He said the incumbent government is struggling to deal with the economic challenges inherited from the previous government. He said the floods had inflicted the loss of around $32.4 billion to the country and reiterated the government’s resolve to bring the country to the normalcy.

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.

Meanwhile, Prime Minister Shehbaz Sharif expressed his government’s unflinching resolve to get the country rid of the crippling disease of polio. “On World Polio Day, I reiterate my government’s unflinching resolve to get rid of this virus through renewed efforts,” he said in a tweet.

The prime minister regretted that it was unfortunate that polio still exists in Pakistan. He said that polio, as a deadly virus, resulted in making the children disabled, stunted their growth and undermined national progress.