Friday, May 24, 2024

Pakistan Tops Asian Development Bank’s Loan Recipients with $5.58 Billion in 200

In the midst of disastrous floods and disruptions to the global supply chain, the Asian Development Bank (ADB) has granted $1.5 billion in financing to assist the Government of Pakistan in providing social protection, promoting food security, and supporting employment for its citizens.

The loan will assist finance the government’s $2.3 billion countercyclical development expenditure programme, which is intended to lessen the effects of external shocks like the Russian invasion of Ukraine. The loan is granted under ADB’s Building Resilience with Active Countercyclical Expenditures (BRACE) Programme.

External shocks have hampered Pakistan’s recovery from the COVID-19 pandemic, according to ADB Director General for Central and West Asia Yevgeniy Zhukov. Millions of Pakistanis are being impacted by growing living prices and rising business costs, particularly the weak and disadvantaged. The government will benefit from ADB’s programme as it works to mitigate the effects of high prices, rising food insecurity, sluggish economic growth, and decreased income for disadvantaged populations, many of whom are still suffering from the devasting floods.

The finance from ADB would give the government the financial breathing room it needs to implement its countercyclical development spending programme, which is intended to help Pakistan’s poorest households, who are sometimes disproportionately impacted by crises. The government’s assistance includes particular initiatives to advance gender empowerment and climate change adaptation, both of which have grown increasingly crucial in light of the most recent floods.

Pakistan was an original ADB member. Since 1966, the Asian Development Bank (ADB) has provided Pakistan with over $37 billion in loans, grants, and other funding options to support equitable economic growth and enhance the nation’s infrastructure, energy and food security, transportation networks, and social services.

While continuing its efforts to end extreme poverty, ADB is dedicated to establishing a prosperous, inclusive, resilient, and sustainable Asia and the Pacific. It was founded in 1966 and is owned by 68 members, 49 of them are locals.

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