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Losses caused by flood havoc: Dar briefs ADB on estimates

  • Asian Development Bank says would provide flood relief support to Pakistan to the tune of US$ 2.3 to 2.5 billion
Published October 6, 2022
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ISLAMABAD: Finance Minister Ishaq Dar has informed a delegation of the Asian Development Bank (ADB) Wednesday about the devastation caused by floods in Pakistan and its impact on the country’s economy.

The Finance Ministry said that the finance minister held a meeting with a delegation of the ADB headed by its Country Director Yong Ye.

The ADB country director has expressed sympathy over flood losses and stated that the bank would provide flood relief support to Pakistan to the tune of US$ 2.3 to 2.5 billion including US$ 1.5 billion for the BRACE programme, which will be placed before the ADB Board for approval during this month.

He also apprised the meeting about the ongoing and future projects of the ADB in various sectors including social protection, and 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 the Government of Pakistan.

ADB says aims to mobilise $500-700mn package for immediate relief assistance to Pakistan

The finance minister appreciated the ADB’s role and support in promoting sustainable development in Pakistan and informed the delegation of the devastation caused by the recent floods in the country and its impact on the economy. He further stated that Pakistan’s economy faced huge challenges. 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 also shared the priorities of the present government.

The finance minister thanked the ADB delegation for their persistent support and assured them of full cooperation by the government for the swift execution of the ongoing and future programs. Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, Asad Aleem, Dy Country Director ADB, Kiyoshi Taniguchi Principal Economist ADB, Laisiasa Tora, Senior Public Management Specialist ADB and senior officers from the Finance Division participated in the meeting.

Copyright Business Recorder, 2022

Comments

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Ch K A Nye Oct 06, 2022 07:30am
The only briefing was "send cash quick, I need to use it to prop up the rupee"
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Muhammad Ashraf Oct 06, 2022 01:09pm
Pakistan Economy could boost up by long term strategies like agreements for cheap import, abolish of Black marketing of USD, development planning for Dam to have cheap Electricity etc. etc. But we are focusing on foreign aid and I am sorry to say our Economy is the "Beggars Economy" where Beggars can't be choosers.
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