By Staff Reporter
ISLAMABAD: The Asian Development Bank on Wednesday said 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.
Record monsoon rains and glacier melt in the country’s northern mountains have triggered flash floods and rain-induced landslides that have killed over 1,600 people, sweeping away houses, roads, railway tracks, bridges, livestock, and crops. Huge areas are inundated, and hundreds of thousands of people have been forced from their homes.
During the meeting, Yong expressed sympathy for the loss of lives and properties due to the floods.
A statement said finance minister Senator Mohammad Ishaq Dar appreciated ADB’s role and support in promoting sustainable development in Pakistan.
The minister apprised the delegation of devastation caused by the recent floods in the country and its impact on the economy of Pakistan. “Pakistan’s economy faced huge challenges and the present government with its pragmatic policy decisions has not only arrested the decline but has also set the economy in the right direction,” Dar added.
Minister Dar also shared the priorities of the present government.
Yong Ye, Country Director ADB informed the minister that ADB will provide flood relief support to Pakistan to the tune of $2.3 to 2.5 billion including $1.5 billion for the BRACE program which will be placed before the ADB Board for approval during 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 government of Pakistan.
Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, Asad Aleem, Dy Country Director ADB, Kiyoshi Taniguchi Principal Economist ADB, Laisiasa Tora, Senior Public Management Specialist ADB and senior officers from Finance Division participated in the meeting.
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