Tuesday January 31, 2023

ADB will provide $2.3bn to $2.5bn loan to Pakistan for flood relief

October 06, 2022

ISLAMABAD: The Asian Development Bank will provide $2.3 to 2.5 billion loan to Pakistan for flood relief, including $1.5 billion within the ongoing month.

The ADB’s executive board is expected to meet within the third week of the ongoing month and the Manila-based Bank will also disburse the loan amount within the ongoing month.

According to an official announcement made here on Wednesday, 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 at the Finance Division.

Minister of State for Finance and Revenue Dr Ayesha Ghous Pasha, Asad Aleem, Dy Country Director ADB, Kiyoshi Taniguchi, Principal Economist ADB, Laisiasa Tora, Senior Public Management Specialist ADB, and senior officers from the Finance Division participated in the meeting.

Finance Minister Senator 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 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.

Yong Ye, Country Director ADB, 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. He informed the finance minister that the 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. He also apprised the meeting about the ongoing and future projects of ADB in different sectors, including social protection, food security and energy sectors.

Regarding the Country Partnership Strategy for Pakistan 2021-25, it was shared that this strategy was in line with the vision of the government of Pakistan. The finance minister expressed gratitude to the ADB delegation for its persistent support and assured them of full cooperation by the government for swift execution of the ongoing and future programs.