ADB to Provide Pakistan Up to $2.5 Billion as Flood Relief Support

The Asian Development Bank (ADB) will provide flood relief support to Pakistan to the tune of $2.3 to $2.5 billion including $1.5 billion for the BRACE program which will be placed before the ADB Board for approval this month.

This was announced by ADB Country Director Yong Ye during a meeting with Finance Minister Ishaq Dar at Finance Division today.

The ADB Country Director also apprised the meeting about 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 is in line with the vision of the government of Pakistan.

At the outset, the minister welcomed the ADB delegation and appreciated ADB’s role and support in promoting sustainable development in Pakistan. He apprised the delegation of the devastation caused by the recent floods in the country and its impact on the economy of Pakistan.

He highlighted 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. He also shared the priorities of the present government.

The finance minister expressed gratitude to the ADB delegation for its persistent support and assured them of full cooperation by the government for the swift execution of the ongoing and future programs.

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

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