Asian Development Bank to provide $2.3-$2.5 bn for flood-hit Pakistan

The Asian Development Bank on Wednesday announced that it will provide USD 2.3 to 2.5 billion for relief operations in the wake of devastating floods in Pakistan that have affected more than 33 million people.

The announcement was made during a meeting between Finance Minister Ishaq Dar and ADB Country Director for Pakistan Yong Ye, according to a press release issued by the Finance Division.

During the meeting, Yong expressed sympathy for the loss of lives and properties due to the floods.

The ADB said it will provide aid of USD 2.3 to 2.5 billion for relief operations in the wake of devastating floods that have caused catastrophic damage in Pakistan.

The devastating floods have left more than 1,600 persons dead and hundreds of thousands injured since mid-June.

He said that USD 1.5 billion out of the committed assistance will be allotted to the Balochistan Rural Development and Community Empowerment Programme and the proposal would be put before the bank's board this month.

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 the government of Pakistan, the press statement read.

Welcoming the delegation, Dar appreciated ADB's role and support in promoting sustainable development in the country as he apprised the delegation of the losses from the flood and their economic impact.

He further stated that the economy faced huge challenges assuring that the government had arrested its decline and set the economy on the right trajectory with its pragmatic policy decisions.

According to the federal government's estimate, the floods have caused a collective loss of more than USD 40 billion.

The finance minister also shared the government's priorities with the ADB delegation and also expressed gratitude to the ADB for their persistent support for Pakistan.