ISLAMABAD: The Asian Development Bank (ADB) has signed a $500 loan for social protection, health, and fiscal stimulus for growth and job creation in Pakistan.
In a statement, the ADB stated that through this loan, social protection programs to the poor and helpless would be delivered, the health sector capabilities will be expanded, and a pro-poor fiscal stimulus to boost growth and create jobs will be delivered as the country fights the novel coronavirus.
“The COVID-19 pandemic hit Pakistan at a critical point in its ongoing economic recovery programme,” said ADB President Masatsugu Asakawa. “We are fully committed to supporting Pakistan through this difficult period,” he added.
According to Asakawa, the loan will help plug selected funding gaps as the government implements its countercyclical development plan.
The virus is expected to lead to a sharp decline in growth, revenue collection, and significant job losses in the country. The health response in Pakistan is hampered by a low number of health workers relative to the population and inadequate availability of hospital beds.
Earlier this month, the ADB and the federal government had signed an agreement to expand support for Pakistan’s response to the novel coronavirus in Khyber Pakhtunkhwa province through the National Disaster Risk Management Fund (NDRMF).
Read more: ADB approves $2 million grant for Pakistan to tackle coronavirus
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