Islamabad: The Asian Development Bank (ADB) has granted USD 1.5 billion in financing to assist Pakistan in dealing with the post-flood situation in the country, news sources reported on October 21.
The funds will be used to provide social protection, enhance food security, and preserve employment for people in the aftermath of devastating floods and global supply chain disruptions. In a statement issued by the ADB, it was highlighted that the loan has been provided under the ADB’s Building Resilience with Active Countercyclical Expenditures (BRACE) programme. The ADB loan will help increase the number of families receiving cash transfers from 7.9 million to 9 million, increase the number of children enrolled in primary and secondary schools, and improve the geographic coverage of health services and nutritional supplies.
ADB has approved $1.5 billion in financing to support people, livelihoods, and infrastructure in Pakistan in the wake of the recent floods which have affected millions and caused extensive damage across the country.
As per the ADB officials, this loan will provide the fiscal space required for the government to implement its countercyclical development expenditure package, which is intended to target Pakistan’s poorest families, who are often disproportionately affected during times of crisis. Moreover, the loan is also expected to improve foreign exchange reserves, which will further stabilise the market amid looming financial constraints.
It is important to note that recent floods in Pakistan have left an estimated 30 million people at risk of extreme poverty, with an estimated material loss of USD 30 billion. The government has asked the international community to help rehabilitate the people amid the winter expected to affect flood victims further.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
