Islamabad: The Asian Development Bank (ADB) has pledged to provide USD 1.7 billion to Pakistan, out of which USD 800 million will be used for COVID-19 relief measures, according to a news report. The remaining USD 900 million will be allocated for policy-based lending in the current and upcoming years.
According to an official statement, Federal Minister for Economic Affairs Makhdum Khusro Bakhtyar attended a virtual meeting with ADB President Masatsugu Asakawa. Senior officials from both sides were also present.
Bakhtyar thanked the president for extending financial assistance worth USD 2.5 million as a grant and for allocating USD 50 million to acquire equipment for COVID-19 response efforts. Additionally, he requested Asakawa to grant early approval for Counter Cyclical Support worth USD 500 million, and Emergency Assistance Lending (EAL) worth USD 200 million.
He further appreciated ADB’s support and expressed his view that developing and low-income countries require the most support during these trying times to avoid dire economic conditions.
