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ISLAMABAD: The International Monetary Fund (IMF) has announced to work with others in the international community to support, under the current programme, the authorities’ relief and reconstruction efforts, and their ongoing endeavour to assist those affected by the floods while ensuring sustainable policies and macroeconomic stability.

The IMF Resident Representative to Pakistan Esther Perez Ruiz in a statement shared with Business Recorder stated that he IMF is deeply saddened by the devastating impact of the floods in Pakistan.

“Our sympathies go to the millions of victims of the floods. We will work with others in the international community to support, under the current program, the authorities’ relief and reconstruction efforts, and especially their ongoing endeavour to assist those affected by the floods while ensuring sustainable policies and macroeconomic stability”.

However, the World Bank spokesperson in Pakistan told Business Recorder that the World Bank has worked with the government of Pakistan to mobilise approximately $300 million for immediate response from the existing portfolio.

IMF Board approves revival of Pakistan's Extended Fund Facility, says Miftah Ismail

“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,” she added.

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.

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. APDRF is a special fund designed to fast-track grants to ADB developing member countries affected by disasters triggered by natural hazards.

Copyright Business Recorder, 2022

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