ADB okays $554m loan for Pakistan to support flood-relief efforts
The Asian Development Bank (ADB) approved $554 million in financing to help Pakistan provide social protection, promote food security, and support employment for its people amid devastating floods.
According to the ADB, the money would be used to rebuild the destroyed buildings in Sindh, Balochistan, and KP.
The bank said that of the $554 million total, $475 million was a loan, $3 million was a technical grant, and $5 million was a $5 million donation from Japan for the flood victims.
it may be noted that the Asian Development Bank (ADB) announced it will give Pakistan between $2.3 billion and $2.5 billion for flood relief.
On October 26, Asian Development Bank (ADB) transferred a $1.5 billion loan to Pakistan.
ADB agreed With Pakistan in a loan deal to provide $1.5 billion for budgetary support as well as help with flood-related rehabilitation and reconstruction.
The loan would build the foreign exchange reserves and rein in the rupee’s depreciation.
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