ISLAMABAD: Federal Finance Minister Ishaq Dar has announced that the Asian Development Bank (ADB) has approved 1.5 billion dollar loan for Pakistan.
AlhamdoLilah!
Asian Development Bank’s Board has approved today BRACE facility of US Dollars 1.5 Billion for Pakistan.
Agreement signing and release of funds in the week beginning Monday 24th Oct 2022.— Ishaq Dar (@MIshaqDar50) October 21, 2022
Taking to Twitter, Ishaq Dar said the agreement signing and release of funds would take place on Monday, Oct 24.
Ishaq Dar, it may be recalled, was assured last week by President Asian Development Bank Masatsugu Asakawa of approval of Balochistan Rural Development and Community Empowerment program amounting to US 1.5 billion dollars and of continued support to Pakistan.
The loan is provided to help the Pakistani government to provide “social protection, promote food security, and support employment for its people amid devastating floods and global supply chain disruptions,” the bank said in a statement.
During his stay in the United States last week, Ishaq Dar had a series of important meetings, during which he informed the world about the flood damage in Pakistan as well as the country’s economic situation.
The Finance Minister had also managed to get several important assurances of cooperation, including the one of getting a loan of one and a half billion dollars from the Asian development bank.
The Finance Minister had appealed for more policy support from the international financial institutions for the flood victims, and the ADB President had undertaken a promise on behalf of the Asian Development Bank for the early approval of a $1.5 billion loan.
