World Bank joins govt to mobilise around $300m

ISLAMABAD: The World Bank has worked with the Government of Pakistan to mobilise approximately $300 million for immediate response from the existing portfolio to support the country’s relief efforts amid widespread floods across the country.

This was stated by the World Bank spokesperson in Islamabad while responding to Business Recorder’s question regarding the Bank pledges for the flood victims.

The spokesperson stated, “The World Bank has worked with the Government of Pakistan to mobilise approximately $300 million for immediate response from the existing portfolio. We are continuously working with federal and provincial authorities to identify how we can help financing the growing needs as the extent of the disaster evolves, and mobilize further finding for the large relief, rehabilitation and reconstruction efforts that are to come in the recovery phase”.

The Asian Development Bank (ADB) has approved a $3 million grant to support the government of Pakistan’s emergency relief efforts amid widespread floods across the country.

Flood rescue and relief: ADB approves $3 million grant for Pakistan

The grant, financed from the Asia Pacific Disaster Response Fund (APDRF), will help fund the immediate purchase of food supplies, tents, and other relief goods to support flood victims across the country. The APDRF is a special fund designed to fast-track grants to ADB developing member countries affected by disasters triggered by natural hazards.

“ADB stands with the people of Pakistan during these difficult times,” said ADB Director General for Central and West Asia Yevgeniy Zhukov. “We are committed to working with the government and other development partners to help Pakistan overcome the devastating impact of this natural disaster and provide immediate relief to affected families.”

“Our team is also helping to assess the damage caused by floods to draw up plans to support longer term rehabilitation efforts and strengthen communities’ climate resilience,” ADB Country Director for Pakistan Yong Ye said.

Heavy rains across Pakistan have triggered flash floods, landslides, and glacial lake outbursts. In July, the country received more than 60 percent of average annual monsoon rainfall in just three weeks. Over 33 million people are estimated to have been affected by the floods with more than 1,000 deaths reported and about 1,500 injured. Almost half a million people are currently in relief camps.

Pakistan has identified several priority needs, including food security, agriculture and livestock, health, water, sanitation, hygiene, shelter, and nonfood items.

The ADB is coordinating with other partners to support Pakistan’s response, including through the ADB-supported National Disaster Risk Management Fund created to strengthen Pakistan’s climate and disaster-risk resilience and to efficiently channel funds to support local authorities’ disaster resilience work.

Copyright Business Recorder, 2022