ISLAMABAD: Asian Development Bank (ADB) claimed that Pakistan is only Asian country that received highest funding last year. Bank said that floods damaged economy, especially crops which created an imbalance of supply and demand and increased inflation. According to annual report released by ADB, Pakistan received most funding during 2022. ADB financed projects worth $ 31.8 billion in Asia. “ADB and partners have given projects worth $ 5.5 billion to Pakistan while in 2022, concessional loans of $ 2 billion and $ 60 million have been provided to Pakistan.”

According to report, Pakistan’s economy suffered most damage due to floods, as “Crops have been destroyed in Pakistan due to floods, balance of supply and demand has deteriorated and local inflation has also increased due to destruction of crops in Pakistan”.

According to ADB report, 1,730 people were killed, 33.3 million people were affected by floods in Pakistan, while floods caused loss of $ 30 billion to Pakistan’s economy. According to report, $ 1.5 billion has been provided to Pakistan for flood-affected areas, while $ 16 billion has been promised for restoration of flood-affected areas by international trade partners. In annual ADB report, it is also stated that Pakistan was provided $ 1.5 billion for flood-affected areas.

Published in The Daily National Courier, April, 26 2023

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