Qatar World Cup 2022Brazil 1-0 Switzerland, FIFA World Cup 2022: Casemiro sends Brazil to last 16

Asian Development Bank to provide $2.5 billion for flood-ravaged Pakistan

The devastating floods have left more than 1,600 persons dead and hundreds of thousands injured since mid-June

October 06, 2022 03:04 am | Updated 03:04 am IST - Islamabad:

A young girl plays outside her tent at a flood relief camp, in Jaffarabad in Pakistan.

A young girl plays outside her tent at a flood relief camp, in Jaffarabad in Pakistan. | Photo Credit: AP

The Asian Development Bank on Wednesday announced that it will provide $2.3 to $2.5 billion for relief operations in the wake of devastating floods in Pakistan that have affected more than 33 million people.

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

During the meeting, Mr. Yong expressed sympathy for the loss of lives and properties due to the floods.

The ADB said it will provide aid of $2.3 to 2.5 billion for relief operations in the wake of devastating floods that have caused catastrophic damage in Pakistan.

The devastating floods have left more than 1,600 persons dead and hundreds of thousands injured since mid-June.

He said that $1.5 billion out of the committed assistance will be allotted to the Balochistan Rural Development and Community Empowerment Programme and the proposal would be put before the bank’s board this month.

He also apprised the meeting about 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, the press statement read.

Also read: In nature’s warning signs, a nudge to riparian states

Welcoming the delegation, Dar appreciated ADB’s role and support in promoting sustainable development in the country as he apprised the delegation of the losses from the flood and their economic impact.

He further stated that the economy faced huge challenges assuring that the government had arrested its decline and set the economy on the right trajectory with its “pragmatic policy decisions”.

According to the federal government's estimate, the floods have caused a collective loss of more than $40 billion.

The Finance Minister also shared the government’s priorities with the ADB delegation and also expressed gratitude to the ADB for their persistent support for Pakistan.

Top News Today

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.