ADB to mobilise over $2bn to support Pakistan’s post-flood relief measures

Business Sep, 29 2022
ADB to mobilise over $2bn to support Pakistan’s post-flood relief measures
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ISLAMABAD: Asian Development Bank (ADB) will approve funding of over $ 2 billion to support Pakistan’s post-flood relief and resilience activities by end of current year, ADB Director General for Central and West Asia Eugene Zhukov told a virtual press conference from Manila. Expressing sympathies and grief over huge devastation caused by recent floods and torrential rains in Pakistan, he said ADB had already provided $ 3 million grant for immediate purchase of relief goods such as food supplies and tents. Press conference was arranged as part of 55th annual meeting of ADB. Zhukov said ADB was also aiming to mobilise a $ 500-700 million package for much needed immediate relief assistance, early recovery and rehabilitation and reconstruction.

Package would be approved by end of current year. “ADB is processing another $ 1.5 billion countercyclical support to mitigate impacts of rising food prices and other external shocks on poor and vulnerable in Pakistan,” he added. He said ADB had been providing unprecedented support of $ 100 billion to deliver climate financing to its developing member countries from 2019 to 2030. Responding to a question with respect to post flood relief and resilience measures in Pakistan, Zhukov said, “We are working in close collaboration with local government and other international development partners to finalise damage needs assessment that might be finalised by mid of next month.” He said in agriculture sector, yields of major food crops (wheat, rice, and maize) in CAREC (Central Asia Regional Economic Cooperation) region had declined by 3 -10 percent.

Published in The Daily National Courier, September, 30 2022

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