The Asian Development Bank (ADB) on Wednesday announced $2.3-$2.5 billion in flood aid to Pakistan as the cash-strapped country scrambles for funds after the climate disaster.
The floods affected 33 million people out of a population of 220 million, and government estimates caused $30 billion in damage as crops, roads, livestock, bridges, homes, schools and medical facilities were washed away.
This announcement was made during the meeting of Federal Minister for Finance and Revenue Senator Muhammad Ishaq Dar with a delegation led by ADB Country Director Yong Yee.
Finance Minister Senator Mohammad Ishaq Dar meets Mr. Yong Ye, Country Director, ADB,discussed progress on ongoing portfolio. FM appreciated ADB's support particularly the forthcoming loan of US$ 1.5 Bn under BRACE program and appreciated ADB's flood related commitments. pic.twitter.com/TBWEryJV8F
— Ministry of Finance (@FinMinistryPak) October 5, 2022
In a statement, the finance ministry said Dar welcomed the delegation and appreciated ADB’s role and contribution in promoting sustainable development in Pakistan.
He apprised the delegation about the devastation caused by the recent floods in the country and the impact on the economy of Pakistan and added that the economy is facing huge challenges.
“The present government has not only stopped the decline but also steered the economy in the right direction with its practical policy decisions,” the finance minister said while sharing the government’s priorities.
Congratulating Dar on assuming his role as finance czar, you told the minister that ADB would provide $2.3 to $2.5 billion in assistance to Pakistan, including $1.5 billion for the BRACE programme. , which will be kept. before the ADB Board for approval later this month.
He also apprised the meeting about ADB’s ongoing and future projects in various sectors including social security, food security and energy sectors.
