ISLAMABAD: The Asian Development Bank (ADB) has assured to provide $1.7 billionto Pakistan to fight the impacts of the coronavirus.
The assurance was given by the bank’s president during a virtual meetingwith Minister for Economic Affairs Makhdoom Khusro Bakhtiar.
The bank will approve $800 million budget support by June this year. Itwill provide next tranche of $900 million by the end of this year.
The budget support will be provided to Pakistan on special concessionarybasis.
The minister for economic affairs thanked ADB for extending the financialcooperation to Pakistan.
Meanwhile, ADB in a press statement said Federal Minister for EconomicAffairs Makhdoom Khusro Bukhtiar and Asian Development Bank (ADB) PresidentMasatsugu Asakawa discussed how the bank could scale up its support for thegovernment’s response to the novel coronavirus disease (COVID-19) pandemic.
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“The virus outbreak in Pakistan has already led to a significant loss oflife and livelihoods, and continues to pose serious health and economicrisks to the people of Pakistan,” said Asakawa.
“ADB is firmly committed to helping Pakistan fight this pandemic, reducethe impact on the poorest and most vulnerable groups across the country,and protect the economy.”
The ADB’s chief further said the bank is preparing an emergency assistancepackage to provide immediate and flexible financing to help Pakistan combatthe outbreak, revitalise economic activity for affected communities, andsupport the basic needs of vulnerable and poor segments of society.
“ADB is also working to mobilise additional grant funding for Pakistan andspecific measures to support the private sector.”
