MANILA: Pakistan has received the highest funding among Asian countries, according to the annual report of the Asian Development Bank (ADB).
The Bank and its partners awarded projects worth $5.5 billion to Pakistan, while concessional loans of $2.6 billion were granted to the country in 2022. The report also revealed that the ADB provided project financing worth $31.8 billion in Asia in the same year.
However, the report also acknowledged that Pakistan’s economy was hit the hardest by last year’s floods. The natural calamity destroyed crops and disturbed demand and supply, leading to an increase in inflation. “Destruction of crops also hike prices in local markets,” the report stated. The conflict between Russia and Ukraine also caused inflation at the global level.
To avoid losses inflicted by changes in weather patterns, the ADB stated that Pakistan required experts on climate change. The Bank is providing services of experts to the country to avoid the hazards of rapid changes in climate.
The report also stated that unprecedented floods in Pakistan claimed 1730 human lives and affected 33 million people across the country, inflicting 30 billion dollars in losses to the national economy. Around 16 billion dollars were pledged for the rehabilitation of flood-hit areas, while $1.5 billion was provided to the country for rehabilitation of flood-affected areas.
The Bank also reported that a project on women’s health has been underway in Khyber Pakhtunkhwa province of Pakistan.
Meanwhile, an earlier report from the Economic Affairs Division showed that Pakistan has received $7.76 billion so far in foreign economic assistance, which includes both grants and loans, in the current fiscal year. Of this amount, $4.02 billion has been received from multilaterals, including the Asian Development Bank (ADB) and the European Union, while $1.06 billion has been given by other countries.
