ISLAMABAD: Prime Minister Shehbaz Sharif has expressed gratitude to the Asia Development Bank (ADB) Board for approving US$ 1.5 billion for budget support for Pakistan under the BRACE programme.

This was stated by the Finance Ministry and the Prime Minister’s Office. The prime minister witnessed the signing ceremony of the loan agreement of $1.5 billion under the Building Resilience with Active Countercyclical Expenditures (BRACE) programme of the ADB.

The premier has acknowledged the role of development partners, especially, the ADB and thanked the ADB Board for approving US$ 1.5 billion budget support for Pakistan under the BRACE programme.

He also acknowledged ADB President Masatsugu Asakawa and his team for helping Pakistan deal with the recent climate change-induced flood disasters. According to the post-damage needs assessment (PDNA) carried out by the ADB, World Bank, EU and the United Nations in partnership with the government of Pakistan, the recent floods have caused $30 billion loss to Pakistan’s economy.

Stressing permanent rehabilitation of the flood victims, the premier expressed the hope that ADB’s $1.5 billion loan would help ease Pakistan’s economic woes.

ADB board approves $1.5bn financing

ADB Vice President Shixin Chi, who attended the meeting via video link, informed the participants that the ADB Board approved the amount last Friday.

The aim of this initiative is to address the problems facing Pakistan’s economy.

He appreciated the economic reforms of the present government for improving the medium- and long-term economic prospects.

The meeting was attended by Finance Minister Ishaq Dar, Minister for Economic Affairs Ayaz Sadiq, Director General ADB Eugene Zukhov and other senior officials of the ADB and the Government of Pakistan.

Secretary Economic Affairs Division Kazim Niaz and ADB Country Director Yong Yi signed the agreement, while the prime minister witnessed the signing ceremony of the agreement.

Copyright Business Recorder, 2022