The Asian Development Bank (ADB) on Thursday said it aims to mobilise a $500-$700 million package to Pakistan for immediate relief assistance, early recovery and rehabilitation, and reconstruction assistance.

This was shared during the ADB Central and West Asia media briefing on Thursday.

The ADB also said that it is also assisting Pakistan by processing $1.5-billion of countercyclical support to mitigate the impacts of rising food prices and other external shocks on the poor and vulnerable.

ADB to repurpose assistance for Pakistan to support flood rehabilitation

In a presentation shared with the media, the ADB said that under the Countercyclical Support Facility (CSF), the lender intends to support the government’s efforts to provide relief measures in the fiscal year 2023 national budget amounting to $2.4 billion in support of (i) increased funding for social protection, (ii) increased funding for food security, and (iii) enhanced support for business entities.

The package will go to the ADB Board for approval in October, taking post-flood assistance over $2 billion.

This will be in addition to the $3-million grant for the immediate purchase of relief goods such as food supplies and tents announced earlier.

Last week, ADB had said it is working on a relief package for Pakistan, currently battling devastation caused by unprecedented floods.

“Following the devastating floods in Pakistan, ADB is working quickly to provide a significant package of relief and rehabilitation,” it said in a series of tweets then.

The development comes as record monsoon rains in south and southwest Pakistan and glacial melt in northern areas triggered flooding that has impacted nearly 33 million people in the South Asian nation of 220 million, sweeping away homes, crops, bridges, roads and livestock in damages estimated at $30 billion.