The Prime Minister of Pakistan on Friday witnessed the signing ceremony of the financing agreements worth $1.50 billion with the three International Financial Institutions (IFIs);
This is concessional financing in the form of budgetary support being provided by the three IFIs that will help mitigate the socioeconomic impact of the COVID-19 pandemic, strengthen health, education, and social safety nets systems. The three programs’ details are:-
The scope of the CARES program covers:
Noor Ahmed, Secretary, Ministry of Economic Affairs signed the three loan agreements on behalf of Government of Pakistan while Patchamuthu Illangovan, Country Director, WB, Xiaohong Yang, Country Director, ADB and Konstantin Limitovsriy, Vice President, AIIB signed agreements on behalf of the World Bank, Asian Development Bank, and Asian Infrastructure Investment Bank respectively.
The disbursement of $1.500 billion will be disbursed to Pakistan in the next few days.
The Country Directors of WB & ADB reiterated their commitments to support Pakistan and appreciated the government’s resolve, efforts, and measures to fight the pandemic.
Makhdum Khusro Bakhtyar, Minister for Economic Affairs while thanking the three IFIs for their continued support, especially in times of pandemic crisis, said that this reflects the confidence of the IFIs and the international development community in government’s policies and endeavors in the structural reforms process.