ISLAMABAD: The government has signed financial agreements worth $1.5 billion with the three International Financial Institutions (IFIs), World Bank (WB), Asian Development Bank (ADB) and Asian Infrastructure Investment Bank (AIIB) to strengthen its health system in the fight against coronavirus outbreak.
According to an official statement on Friday, Economic Affairs Secretary Noor Ahmed signed the three loan agreements with WB country director Patchamuthu Illangovan and ADB country director Xiaohong Yang on behalf of all three financial institutions.
The disbursement of $1.5 billion will be disbursed to Pakistan in the next few days, the statement said. Prime Minister Imran Khan witnessed the signing ceremony held in Islamabad.
1) PM @ImranKhanPTI witnessed the signing ceremony of the financing agreements worth US$ 1,500 million with the three International Financial Institutions (IFIs); the World Bank (WB), the Asian Development Bank (ABB), and the Asian Infrastructure Development Bank (AIIB)#Covid_19 pic.twitter.com/fJIZYBGiEy
— Prime Minister's Office (@PakPMO) June 19, 2020
The ADB is extending financial support of $500 million under COVID-19 Active Response and Expenditure Support Program (CARES) with the purpose to help Pakistan’s efforts to strengthen the health system and lessen the socio-economic impacts of the endemic.
“The AIIB is extending co-financing of $500 million for the CARES to augment the government’s efforts to mitigate the direct and indirect impacts of COVID-19 outbreak,” the statement read.
While, $500 million will be spent on Securing Human Investments to Foster Transformation (SHIFT) which aims to strengthen the Civil Registration and Vital Statistics, health and education systems essential for Human Capital (HC) accumulation; recognize and support the contribution of women to economic productivity, and improve the efficiency of the national safety nets, it added.
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