Pakistan inks $300mn loan agreement with ADB

ISLAMABAD: Pakistan and Asian Development Bank (ADB) on Friday signed a loan accord worth $300 million and a grant agreement of $5 million under emergency assistance for fighting against COVID-19 pandemic, ARY News reported.

Economic Affairs Division Secretary Noor Ahmed and Asian Development Bank (ADB) Country Director Xiaohong Yang signed the agreements during a ceremony in Islamabad.

Under the financing agreement, public health emergency preparedness and response system will be strengthened. National Disaster Risk Management Fund (NDRMF) will provide this financing to government agencies for procurement of medical supplies, personal protective equipment (PPEs) and emergency vehicles.

Under social protection component, an amount of $ 200 million is allocated for poor and vulnerable segments of the society.

Benazir Income Support Program will utilize this amount for additional cash transfers to BISP beneficiaries and Ehsaas program. The BISP will provide additional one-time cash transfer of Rs. 4,000 to 3.3 million beneficiary women and ongoing UCT installments of Rs. 2,000 per month to 2.5 million beneficiary women for the first 4-months of FY2021 to enable them to meet their basis needs.

On the occasion, Minister for Economic Affairs Makhdum Khusro Bakhtyar expressed his deep appreciation to ADB for this timely financial support.

ADB Country Director Xiaohong Yang said that bank is committed to provide necessary financial and technical support to Pakistan in all circumstances.