Daily Times

The Asian Development Bank (ADB) will provide $305 million to Pakistan to deal with the coronavirus pandemic in the country. This was announced during a concept clearance meeting at the Finance Ministry on Tuesday. The meeting was attended by Deputy Chairman Planning Commission Jehanzeb Khan and country director of the ADB.

Under the agreed amount $305 million, the ADB would provide $200 million for safeguarding the poor and low segments of the society while the remaining amount would be used for purchasing emergency equipment needed to tackle coronavirus pandemic.

The federal government would provide this amount as a special grant to the provinces and territories under its domain.

Speaking on the occasion, Deputy Chairman Planning Commission Jehanzeb Khan said that the government is planning to provide relief to coronavirus affected masses. He said that the scheme would be helpful in improving the health stocks in the country along with purchasing personal protective equipment (PPE) and other medical supplies.

It is pertinent to mention here that on April 13, the Asian Development Bank said it will roll out a massive $20 billion package to help developing member nations weather the economic fallout from the coronavirus pandemic. The fund represents the tripling of a package announced just a month ago, which the ADB decided to boost as the scale of the contagion’s impact has mushroomed.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.