On Friday, the Asian Development Bank (ADB) granted $1.5 billion in funding to support Pakistan in providing social protection, fostering food security, and assisting employment for its citizens during disastrous floods.
Finance Minister Ishaq Dar verified the information on his official Twitter account.
Asian Development Bank’s Board has approved today BRACE facility of US Dollars 1.5 Billion for Pakistan.
Agreement signing and release of funds in the week beginning Monday 24th Oct 2022.
— Ishaq Dar (@MIshaqDar50) October 21, 2022
The loan will help 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 provided under ADB’s Building Resilience with Active Countercyclical Expenditures (BRACE) Program.
It should be remembered that the Asian Development Bank (ADB) indicated it will give Pakistan between $2.3 billion and $2.5 billion for flood relief.
The declaration was made during a meeting between Pakistan’s ADB Country Director Yong Ye and Finance Minister Ishaq Dar, according to a news release from the Finance Division.