ADB announces $2.3 to 2.5 billion in flood relief support for Pakistan

09:50 PM | 5 Oct, 2022
ADB announces $2.3 to 2.5 billion in flood relief support for Pakistan
Source: PID

ISLAMABAD – The Asian Development Bank (ADB) Wednesday announced 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.

ADB Country Director Mr. Yong Ye-led delegation made the announcement during a meeting with Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar.

The country director said that the proposal for flood relief support will be placed before the ADB Board for approval during this month.

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

Ishaq Dar 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 present government with its pragmatic policy decisions has not only arrested the decline but has also set the economy in the right direction. Finance Minister Mr. Ishaq Dar also shared the priorities of the present government.

Yong Ye extended felicitations to Dar on assuming the charge of the finance minister and expressed sympathy on the loss of lives and properties in the devastating floods in Pakistan.

He 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 government of Pakistan. 

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