The Asian Development Bank (ADB) on Monday said that its 1.5 billion dollars Building Resilience with Active Countercyclical Expenditures (BRACE) program will provide timely liquidity to Pakistan to mitigate the immediate impact of exogenous shocks.
They stated that the funds will also enable the government to implement its relief and recovery package for the flood victims during a meeting with Prime Minister Shehbaz Sharif.
ADB said that doing so would strengthen social protection, improve food security, and help flood victims find employment. It would also give Pakistan vital help during this challenging moment.
The group continued, “ADB stands ready to support the government and this cooperation is the outcome of collaborative efforts.”
PM Shehbaz expressed his gratitude to the ADB for helping Pakistan during this trying period.
“Most definitely, this support will go a long way in improving our financial position and helping flood affected people,” he said. “It will also go a long way in construction of resilient infrastructure in Pakistan for our future needs.”
Finance Minister Ishaq Dar recalled holding fruitful meetings with ADB teams during his visit to Washington earlier during the month.
“ADB was supportive and cooperative to us,” Dar said. “The government is struggling to deal with macroeconomic issues which it has inherited from the previous government. A natural calamity at such a time, in the shape of floods added to the woes.”
In the midst of disastrous floods and disruptions to the world’s supply chains, the ADB approved $1.5 billion in financing last week to assist the government of Pakistan in providing social protection, promoting food security, and supporting employment for its citizens.
