ADB to provide up to $2.5 billion under flood relief support to Pakistan

The Asian Development Bank (ADB) announced on Wednesday that it would provide support of $2.3–2.5 billion for relief efforts in the wake of disastrous floods that have left Pakistan severely damaged.

The declaration was made during a meeting between Pakistan’s ADB Country Director Yong Ye and Finance Minister Ishaq Dar, as per a press release from the Finance Division.

Ye offered his condolences for the loss of life and property as a result of the floods during the meeting and congratulated Dar on taking office.

According to Dawn, the Balochistan Rural Development and Community Empowerment Programme would receive $1.5 billion of the promised aid, according to the ADB country director, and the request will be presented to the bank’s board this month.

According to a press release, it was discussed that the Country Partnership Strategy for Pakistan 2021–25 is in accordance with the government of Pakistan’s vision.

The finance minister was quoted as saying that he welcomed the delegation and valued ADB’s assistance in advancing sustainable development in the nation. Dar also informed the delegation of the flood’s damages and financial consequences.

The administration had stopped the economy’s slide and put it on the correct course with its “pragmatic policy initiatives,” he continued while acknowledging that the economy still faced enormous obstacles.

The finance minister also gave the ADB team an overview of the government’s priorities.

Dar hailed the ADB delegation for their steadfast support and assured them of full government cooperation for the expeditious implementation of the current and new programmes.