BRACE programme: $1.5 billion loan agreement signed with AfDB
ISLAMABAD: Prime Minister Shehbaz Sharif has expressed his gratitude to the Asian Development Bank (ADB) Board of Directors for approving $1.5 billion in budget support to Pakistan under the BRACE programme.
This was stated by the Ministry of Finance and the Prime Minister’s Office. The Prime Minister attended the signing ceremony of the $1.5 billion loan agreement under the AfDB’s Building Resilience with Active Countercyclical Expenditures (BRACE) programme.
The Prime Minister acknowledged the role of development partners, in particular the AfDB, and thanked the AfDB Board for approving $1.5 billion in budget support for Pakistan under the program BRACE.
He also thanked AfDB President Masatsugu Asakawa and his team for helping Pakistan deal with the recent floods caused by climate change. According to the Post Disaster Needs Assessment (PDNA) carried out by the AfDB, World Bank, EU and UN in partnership with the Pakistani government, the recent floods have caused $30 billion in losses to the Pakistani economy. .
Emphasizing the continued rehabilitation of flood victims, the Prime Minister expressed hope that the $1.5 billion AfDB loan would help ease Pakistan’s economic hardship.
AfDB Board of Directors Approves $1.5 Billion in Financing
AfDB Vice President Shixin Chi, who attended the meeting via video link, informed participants that the AfDB Board had approved the amount last Friday.
The objective of this initiative is to solve the problems facing the Pakistani economy.
He appreciated the current government’s economic reforms to improve medium and long-term economic prospects.
The meeting was attended by Finance Minister Ishaq Dar, Economic Affairs Minister Ayaz Sadiq, AfDB Managing Director Eugene Zukhov and other senior AfDB and Government of Pakistan officials.
Economic Affairs Division Secretary Kazim Niaz and AfDB Country Director Yong Yi signed the agreement, while the Prime Minister attended the signing ceremony of the agreement.
Copyright Business Recorder, 2022