ISLAMABAD: The Asian Development Bank (ADB) officials today said that bank’s $1.5 billion Building Resilience with Active Countercyclical Expenditures (BRACE) programme will provide quick liquidity to Pakistan which will mitigate the impact of exogenous shocks.
The ADB officials stated this on Monday in a meeting with Prime Minister Shehbaz Sharif.
ADB officials said that the BRACE funding will also allow Pakistan to roll out its relief and recovery package for the victims of devastating floods.
“The programme will enhance social protection, food security and employment of flood-affected people,” they said.
During meeting, PM Shehbaz Sharif thanked ADB for supporting Pakistan in the ongoing challenging time.
PM said, “This support will go a long way in improving our financial position and helping flood affected people.”
Meanwhile, Finance Minister Ishaq Dar discussed fruitful meetings with ADB teams during his recent week-long visit to Washington.
He said, “ADB was supportive and cooperative to us.”
He told the meeting that the government had disbursed Rs70 billion in flood aid to the affected people. Dar stated that losses to the tune of $32.4 billion are being borne by Pakistan on account of disastrous floods.
He told the meeting that the government of Pakistan had disbursed Rs70 billion in flood aid to the victims. He also stated that losses to the tune of $32.4 billion are being borne by Pakistan on account of disastrous floods.
