ISLAMABAD: The Asian Development Bank (ADB) will provide $2.3 to 2.5 billion flood relief support to Pakistan.
This has been shared by Country Director ADB Yong in a meeting with Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar.
Finance Minister Senator Mohammad Ishaq Dar welcomed the delegation and appreciated ADB’s role and support in promoting sustainable development in Pakistan.
Finance Minister Senator Mohammad Ishaq Dar meets Mr. Yong Ye, Country Director, ADB,discussed progress on ongoing portfolio. FM appreciated ADB's support particularly the forthcoming loan of US$ 1.5 Bn under BRACE program and appreciated ADB's flood related commitments. pic.twitter.com/TBWEryJV8F
— Ministry of Finance (@FinMinistryPak) October 5, 2022
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 Ishaq Dar also shared the priorities of the present government.
Country Director ADB Yong extended felicitations to the 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.
He informed the Finance Minister that ADB will 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 which will be placed before the ADB Board for approval during 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.
In the end, the Finance Minister expressed gratitude to the ADB delegation for their persistent support and assured them of full cooperation by the government for swift execution of the ongoing and future programs.
Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, Asad Aleem, Dy Country Director ADB, Kiyoshi Taniguchi Principal Economist ADB, Mr. Laisiasa Tora, Senior Public Management Specialist ADB and senior officers from the Finance Division participated in the meeting.
