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Asian Development Bank offered $2.5bn for Flood-Affectees

Asian Development Bank offered $2.5bn for Flood-Affectees

Islamabad: The Asian Development Bank has announced that it would be providing aid of $2.5bn for relief and rehabilitation activities in the flood-hit areas of Pakistan. As per the press release issued by Finance Division, the announcement was made on Wednesday during a meeting between Finance minister Ishaq Dar and the ADB country director Yong Ye. The assistance of the ADB in the wake of the last month’s devastating flooding would help mitigate the miseries caused by the catastrophe.

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Mr. Ye congratulated Ishaq Dar on assuming the charge of the Finance minister and expressed sympathies for the damage done to the lives and properties of the masses. He said that out of the total announced aid $1.5bn would be spent on Baluchistan Rural development and community empowerment. The press release further added, “He also apprised the meeting of 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.”

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 The finance minister welcomed the ADB delegation and praised the role of the ADB in ensuring sustainable socio-economic development in Pakistan. He added that the economy of Pakistan has been put on the right track by the incumbent government through pragmatic policy decisions. In the end, the press release added, “ 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.”

 

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