ISLAMABAD: Finance Minister Ishaq Dar announced Asian Development Bank (ADB) had released $ 1.5 billion to Pakistan to help boost social protection, promote food security and create jobs in wake of super floods as well as global supply chain disruptions.

“Asian Development Bank has released funds $ 1.5 billion to Pakistan under BRACE programme for credit of government of Pakistan’s account with State Bank of Pakistan.

AlhamdoLilah!” Dar said in a Twitter post. Loan provided under ADB’s Building Resilience with Active Countercyclical Expenditures Programme will help fund government’s $ 2.3 billion countercyclical development expenditure programme designed to cushion impacts of external shocks, including Russian invasion of Ukraine. “Pakistan’s recovery from Covid-19 endemic has been impeded by external shocks,” said ADB Director General for Central and West Asia Yevgeniy Zhukov in a statement.

“Increasing business costs and rising living expenses are affecting millions of Pakistanis, especially poor and vulnerable. ADB’s programme will help government manage impacts of high prices, increasing food insecurity, slowing business activity and reducing income for vulnerable groups, many of whom are also reeling from devastating floods.”

ADB’s assistance will help to expand number of families receiving cash transfers from 7.9 million to 9 million, increase number of children enrolled in primary and secondary schools and enhance geographic coverage of health services and nutritional supplies for pregnant and lactating mothers and children under 2 years old.

Published in The Daily National Courier, October, 27 2022

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