ADB to provide USD 2.3 to 2.5 billion for flood relief in Pakistan

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ADB to provide USD 2.3 to 2.5 billion for flood relief in Pakistan

The Asian Development Bank has announced that it will provide USD 2.3 to 2.5 billion for relief operations in the wake of the devastating floods in Pakistan that have affected more than 33 million people.

According to a press release issued by the Finance DivisionFinance Division, the announcement was made during a meeting between Finance Minister Ishaq Dar and ADB Country Director for Pakistan Yong Ye.

Yong expressed sympathy for the loss of lives and properties due to the floods.

The ADB said it would provide aid of USD 2.3 to 2.5 billion for relief operations in the wake of devastating floods in Pakistan.

The devastating floods have left more than 1,600 dead and hundreds of thousands injured since mid-June.

He said that USD 1.5 billion of the commitments will be allocated to the Balochistan Rural Development and Community Empowerment Programme and that the proposal will be put before the bank's board this month.

He told the meeting about the ongoing and future projects of the ADB in different sectors, including social protection, food security, and energy.

The press statement said that the strategy was in line with the vision of the government of Pakistan and that Pakistan's Country Partnership Strategy is in line with the vision of the country partnership strategy for Pakistan 2021 -- 25.

Dar welcomed the delegation and appreciated the role of ADB in promoting sustainable development in the country, as he informed the delegation of the losses from the flood and their economic impact.

The economy faced huge challenges assuring that the government had slowed its decline and set the economy on the right path with its pragmatic policy decisions. According to the federal government's estimates, the floods have caused a collective loss of more than 40 billion dollars.

The finance minister also shared the government's priorities with the ADB delegation and expressed gratitude to the ADB for their continued support for Pakistan.