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ADB okays $1.5 billion for Pakistan to support flood relief efforts

by Suneela Zulfiqar
October 21, 2022
in Business, Finance
Reading Time: 1 min read
ADB okays $1.5 billion for Pakistan to support flood relief efforts
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In the middle of disastrous floods, the Asian Development Bank (ADB) granted $1.5 billion in financing on Friday to assist Pakistan in promoting social protection, enhancing food security, and assisting employment for its citizens.

Ishaq Dar, the finance minister, verified the information on his official Twitter account.

AlhamdoLilah!
Asian Development Bank’s Board has approved today BRACE facility of US Dollars 1.5 Billion for Pakistan.
Agreement signing and release of funds in the week beginning Monday 24th Oct 2022.

— Ishaq Dar (@MIshaqDar50) October 21, 2022

The loan will help finance the government’s $2.3 billion countercyclical development expenditure program, which is intended to lessen the effects of external shocks like the Russian invasion of Ukraine. The loan is provided under ADB’s Building Resilience with Active Countercyclical Expenditures (BRACE) Program.

It should be remembered that the Asian Development Bank (ADB) indicated it will give Pakistan between $2.3 billion and $2.5 billion for flood assistance.

According to a press release issued by the Finance Division, the announcement was made during a meeting between Finance Minister Ishaq Dar and ADB Country Director for Pakistan Yong Ye.

Tags: Asian development bankfinance ministerflood relief effortsIshaq Darlatest
Suneela Zulfiqar

Suneela Zulfiqar

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