ADB Announces New Flood Relief Support for Flood-Hit Pakistan under BRACE Program.

ISLAMABAD: Mr.Yong Ye, Country Director of  Asian Development Bank (ADB- a regional development bank promoting social and economic development in Asia), has announced to provide flood relief support to Pakistan to the tune of 2.3 to 2.5 billion dollars including 1.5 billion dollars for the BRACE program.

This was assured by the Yong Ye who called on Federal Minister for Finance and Revenue Mohammad Ishaq Dar in Islamabad on Wednesday.

He said the program will be placed before the Asian Development Bank’s Board for approval during this month.

The Country Director Asian Development Bank extended felicitations to Finance Minister on assuming the charge of the office and expressed sympathy on the loss of lives and properties in the devastating floods in Pakistan.

Finance Minister Senator Mohammad Ishaq Dar welcomed him and appreciated Asian Development Bank’s role and support in promoting sustainable development in Pakistan.

He apprised the delegation of devastation caused by the recent floods in the country and its impact on the economy of Pakistan. He said that present government with its pragmatic policy decisions has set the economy in right direction.

He also informed about ongoing and future projects of Asian Development Bank in different sectors including social protection, food security and energy sectors.  Regarding the Country Partnership Strategy for Pakistan 2021-25, it was shared that this strategy is in line with the vision of government of Pakistan.

The Finance Minister expressed gratitude to Asian Development Bank’s delegation for their persistent support and assured them of full cooperation by the government for swift execution of the ongoing and future programs.

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