HomeDisastersAsian Development Bank to provide $2.3-2.5 billion for flood-hit Pakistan

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

The Asian Development Bank announced on Wednesday that it will provide US$2.3 billion to US$2.5 billion for relief operations following 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 Director for Pakistan Yong Ye, according to a press release issued by the finance division.

During the meeting, Yong expressed his condolences over the loss of life and property due to the floods. ADB said it will provide $2.3 billion to $2.5 billion in aid for relief operations following the devastating floods that have caused catastrophic damage in Pakistan. Devastating floods have claimed more than 1,600 lives and injured hundreds of thousands since mid-June.

He said that US$1.5 billion of the allocated aid will be allocated to the rural development and community empowerment program in Balochistan and the proposal will be submitted to the Bank Board this month. He also briefed on ADB’s ongoing and future projects in various sectors including social protection, food security and energy. Regarding the Country Partnership Strategy for Pakistan 2021-25, it was shared that the strategy is in line with the vision of the Government of Pakistan, the press statement said.

Welcoming the delegation, Dar appreciated the role and support of ADB in promoting sustainable development in the country as he briefed the delegation on the losses caused by the floods and their economic impact. He further said that the economy faces huge challenges to ensure that the government arrests its decline and sets the economy on the right trajectory with its pragmatic policy decisions.

According to the federal government’s estimate, the floods caused collective losses of more than US$40 billion. The Finance Minister also shared the government’s priorities with the ADB delegation and also expressed gratitude to ADB for their continued support to Pakistan.

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