The Asian Development Bank has indicated that it will provide between $2.3 billion and $2.5 billion to Pakistan’s flood relief efforts, including $1.5 billion for the BRACE initiative.
This was confirmed by Yong Ye, the country director for the Asian Development Bank, who met with Mohammad Ishaq Dar, the federal minister of finance and revenue, on Wednesday in Islamabad.
During this month, the initiative, according to him, would be presented to the board of the Asian Development Bank for approval.
In addition to thanking the Finance Minister for taking office, the Country Director of the Asian Development Bank expressed regret for the loss of life and property caused by the devastating floods in Pakistan.
He was welcomed by Pakistan’s Finance Minister, Senator Mohammad Ishaq Dar, who also expressed gratitude for the Asian Development Bank’s assistance in promoting sustainable development in that country.
He informed the team of the damage brought on by recent floods in the nation and their effects on Pakistan’s economy. He claimed that the current administration’s pragmatic policy choices have guided the economy on the correct path.
Additionally, he provided information on current and upcoming Asian Development Bank projects in a variety of fields, such as social protection, food security, and the energy sector. It was mentioned that the Country Partnership Strategy for Pakistan 2021–25 is in line with the goals of the Pakistani government.
The Finance Minister expressed gratitude to Asian Development Bank’s delegation for their persistent support and assured them of full cooperation by the government for swift execution of the ongoing and future programs.