Prime Minister Shehbaz Sharif expressed optimism that the Asian Development Bank’s (ADB’s) $1.5 billion Countercyclical Support Facility (CSF) for Pakistan under its Building Resilience with Active Countercyclical Expenditures (BRACE) program will go a long way in easing the economic woes of Pakistan
He made the remarks while attending the signing ceremony of the loan agreement on Wednesday.
The premier appreciated the role of development partners of Pakistan in dealing with the flood disaster, having cost Pakistan’s economy to the tune of $30 billion. He also stressed upon the international community to play its part in the permanent rehabilitation of flood victims.
ADB Vice President Shixin Chen, attending the ceremony via video link, remarked that the ADB Board approved the loan facility for Pakistan last Friday. He highlighted that the aim of this initiative is to address the problems facing Pakistan’s economy.
The loan agreement was signed by the Secretary of the Economic Affairs Division Kazim Niaz and ADB Country Director Yong Yi. The ceremony was also attended by Finance Minister Ishaq Dar, Minister for Economic Affairs Ayaz Sadiq, Director General ADB Eugene Zhukov and other senior officials from ADB and the government of Pakistan.
ADB’s $1.5 billion CSF, a commercial loan, is in response to worsening macroeconomic conditions in the wake of flood-related devastation and the Russian-Ukraine war.
