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.
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.