Daily Times

The Asian Development Bank (ADB) on Wednesday announced it would provide aid of around $2.3-2.5 billion for relief operations in the wake of devastating floods that have caused catastrophic damage in Pakistan.

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. During the meeting, Ye congratulated the Dar on assuming office and expressed sympathy for the loss of lives and properties due to the floods.

The ADB country director said that $1.5bn from the announced aid will be allotted to the Balochistan Rural Development and Community Empowerment Programme and the proposal will 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 release reads. It added that the finance minister welcomed the delegation and appreciated ADB’s role and support in promoting sustainable development in the country. Dar also 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”. The finance minister also shared the government’s priorities with the ADB delegation.

“In the end, the finance minister expressed gratitude to the ADB delegation for their persistent support and assured them of full cooperation by the government for swift execution of the ongoing and future programmes,” the press release added.