Asian Development Bank to provide $1.5b for Pakistan’s social protection, food security

ISLAMABAD, Oct 24 (SABAH): Asian Development Bank (ADB) is to provide 1.5 billion dollars to Pakistan to help it ensure social protection, promote food security and support employment for its people amidst the devastating floods.

An agreement to this effect was signed in Islamabad on Monday in the presence of Prime Minister Mian Muhammad Shehbaz Sharif.

In his remarks on the occasion, Prime Minister Shehbaz Sharif said this support to Pakistan at this critical juncture will go a long way in improving our financial position, helping flood affected people and conceiving and building climate resilient infrastructure for our future needs.

The Prime Minister noted that the Asian Development Bank has been Pakistan’s great partner. He recalled that during his ten year stint as Punjab’s Chief Minister, several projects were completed with the support of the bank including that of solarization of schools.

Speaking on the occasion, Finance Minister Mohammad Ishaq Dar said this is a timely assistance and support to Pakistan. He pointed out that present government was dealing with the macroeconomic challenges when the country was hit by a natural calamity in the form of floods. He said seventy billion rupees have already been disbursed by the Prime Minister in cash support to the flood victims. He said estimated losses caused by the floods are around 32.4 billion dollars.

The Finance Minister assured that the government is committed to steer the country out of all challenges.

A representative of the ADB said this liquidity support will help Pakistan mitigate the most immediate impact of the calamity.