ADB to Provide $1.7 Billion to Pakistan for Dealing With COVID-19
ABD to Lend $7.528 billion to Pakistan for Development Projects
Asian Development Bank (ADB) will provide $1.7 billion to Pakistan during the ongoing calendar year for dealing with the coronavirus pandemic.
ADB would provide $800 million budgetary support to Pakistan by June 2020 while the remaining $900 million will be given by December 2020. The bank will provide this amount on concessional terms, according to the Economic Affairs Division.
Federal Minister for Economic Affairs Makhdum Khusro Bakhtyar discussed the funding with the President of Asian Development Bank Masatsugu Asakawa. The Minister thanked the President of ADB for extending financial assistance of $2.5 million as grant and repurposing of $50 million for procurement of equipment relating to COVID-19 response in Pakistan.
He also requested the President ADB for early approval of $500 million as Counter-Cyclical Support and $300 million as Emergency Assistance Lending (EAL) within this financial year
