Islamabad: Asian Development Bank (ADB) has released funds worth 1.5 billion dollars to Pakistan under BRACE program.
Asian Development Bank has released funds $1.5 billion to Pakistan under BRACE program for the credit of Govt of Pakistan’s account with State Bank of Pakistan.
— Ishaq Dar (@MIshaqDar50) October 26, 2022
AlhamdoLilah!
Finance Minister Ishaq Dar, in a tweet on Wednesday, said that the amount has been released for the credit of Government of Pakistan’s account with State Bank.
Earlier, an agreement to provide 1.5 billion dollars to Pakistan was signed in the presence of Prime Minister Shehbaz Sharif.
The loan has been provided under Building Resilience with Active Countercyclical Expenditures (BRACE) Program to ensure social protection, promote food security and support employment for its people amidst the devastating floods.
In his remarks on the occasion, Prime Minister Shehbaz Sharif said this support to Pakistan at this critical juncture will go a long way in improving our financial position, helping flood affected people and conceiving and building climate resilient infrastructure for our future needs.
The PM noted that the ADB has been Pakistan’s great partner. He recalled that during his ten year stint as Punjab’s Chief Minister, several projects were completed with the support of the bank including that of solarization of schools.
Speaking on the occasion, Finance Minister Ishaq Dar said this is a timely assistance and support to Pakistan. He pointed out that present government was dealing with the macroeconomic challenges when the country was hit by a natural calamity in the form of floods. He said seventy billion rupees have already been disbursed by the Prime Minister in cash support to the flood victims. He said estimated losses caused by the floods are around 32.4 billion dollars.
The Finance Minister assured that the government is committed to steer the country out of all challenges.
A representative of the ADB said this liquidity support will help Pakistan mitigate the most immediate impact of the calamity.
