ADB okays $2.5bn to support flood relief efforts in Pakistan

The Asian Development Bank (ADB) on Wednesday announced providing $ 2.3 to 2.5 billion to Pakistan for flood relief efforts, ARY News reported.

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

The ADB also announced US$ 1.5bn for the BRACE program which will be placed before the ADB Board for approval during this month, it added.

Yong Ye also apprised the minister about the ongoing and future projects of ADB in different sectors including social protection, food security and energy sectors.

The finance minister 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.

Country Director ADB, Yong Ye extended felicitations to Finance Minister on assuming the charge of the office and expressed sympathy on the loss of lives and properties in the devastating floods in Pakistan.

Regarding the Country Partnership Strategy for Pakistan 2021-25, he shared that this strategy was in line with the vision of government of Pakistan.

On August 31, the Asian Development Bank also approved $3 million grant for the immediate purchase of relief goods such as food supplies and tents on August 31, 2022.

Furthermore, the ADB is also aiming to mobilize a $500-700 million package for the much-needed immediate relief assistance, early recovery and rehabilitation, and reconstruction. The package would be approved by the end of current year.

It is pertinent to mention here that the devastating floods have killed nearly 1,700 people in Pakistan and injuring tens of thousands since mid-June.

Pakistan and the United Nations (UN) recently jointly launched a fresh appeal of over $800 million on the basis of updated on-ground need assessment of the flood situation in the country.