Islamabad: The Asian Development Bank (ADB) recently approved a loan worth USD 500 million to deliver a ‘pro-poor’ fiscal stimulus package for the country to boost socio-economic growth and create employment opportunities, according to news sources.
These funds will be utilised for social protection initiatives for vulnerable communities, and to improve the country’s health sector during the ongoing fight against the spread of the novel coronavirus.
ADB President Masatsugu Asakawa stated that the coronavirus had hit Pakistan at a crucial point in its ongoing economic recovery. He said that this loan would help plug funding gaps for important development plans, as the country struggles to improve the social safety net and boost its healthcare capacity.
Moreover, the ADB’s Covid-19 Active Response and Expenditure Support (CARES) program is expected to fund various government initiatives, including a venture to provide monetary assistance to over three million daily wagers, and provide cash assistance to 7.5 million families under the government’s Khilafat social protection initiative. These funds will also prevent job losses through the Prime Minister’s Kamyab Jawan initiative.
The bank is funding this fiscal stimulus loan through a COVID-19 pandemic response option (CPRO) that is part of ADB’s Countercyclical Support Facility.
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