Pakistan signs financing agreements worth $1500 million with three IFIs

ISLAMABAD: Prime Minister Imran Khan witnessed the signing ceremony of financing agreements worth $1,500 million with the three International Financial Institutions (IFIs) on Friday, ARY News reported.

The World Bank (WB), the Asian Development Bank (ADB), and the Asian Infrastructure Development Bank (AIIB) signed a program as means to lend support to Pakistan’s efforts against coronavirus.

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Covid-19 Active Response and Expenditure Support Program (CARES) worth $500 million is being supported by ADB. The AIIB is extending co-financing of $500 million for CARES alongside ADB.

The objective of the program to support government of Pakistan’s efforts to strengthen the health system and mitigate socioeconomic impacts of the covid-19 pandemic.

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Securing Human Investments to Foster Transformation (SHIFT), another program worth $500 million aims to strengthen the civil registration and vital statistics, health and education systems essential for human capital accumulation.

SHIFT will recognize and support contribution of women to economic productivity and improve efficiency of the national safety nets.

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Mr. Noor Ahmed, Secretary, Ministry of Economic Affairs signed the three loan agreements on behalf of Government of Pakistan while Mr. Patchamuthu Illangovan, country director, World Bank, Ms. Xiaohong Yang

Country Director, ADB signed agreements on behalf of the World Bank, Asian Development Bank and Asian Infrastructure Investment Bank.

The disbursement of $1,500 million will be completed in the next few days.