Asian Development Bank, World Bank to give $588m for fight against virus

KARACHI: Police personnel arrest a shopkeeper who refused to shut down his shop at Light House Market on Wednesday in violation of the provincial government’s directive.—PPI

ISLAMABAD: The Asian Development Bank (ADB) and the World Bank on Wednesday committed to providing $588 million to Pakistan for its emergency response to fight coronavirus and cater to the socioeconomic impact of the pandemic.

This was announced by the Planning Commission after a meeting with country representatives of the two lending agencies on Pakistan’s preparedness and response to fight COVID-19.

The meeting, presided over by Deputy Chairman of the Planning Commission Mohammad Jehanzeb Khan, was attended by World Bank Country Director Illango Patchamuthu, ADB Country Director Xiaohong Yang, besides Member Social Sector Dr Shabnum Sarfraz, Member Private Sector Asim Saeed, Director General Health Dr Safi and representatives of the ministries of economic affairs, finance and national health services.

Cooperation urged to jointly fight challenges

The meeting also approved in principle a project concept “Pakistan National Emergency Preparedness and Response Plan for COVID-19”.

According to an official statement, the World Bank would provide $238m and the ADB $350m to Pakistan in support for the COVID-19 emergency response and to address the socio-economic disruption associated with it.

The participants of the meeting agreed that not only they needed to enhance cooperation to jointly fight challenges but also work to demonstrate firm commitment for a multifaceted cooperation in different fields.

Published in Dawn, March 19th, 2020

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Comments (64) Closed

QiXi

Mar 19, 2020 07:19am

That will be enough to test the Politicians including the FM

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Ibrahim S

Mar 19, 2020 07:24am

Does public has the right to see the audit trail of this Aid money

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Lgbtqx

Mar 19, 2020 07:39am

living of borrowed money is not progress.

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TRACTION345

Mar 19, 2020 07:53am

Good. Now don’t divert this money given with good intent.

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Rashmi

Mar 19, 2020 08:00am

Its not sufficient but something is better than nothing.

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Kareem

Mar 19, 2020 08:04am

IK must immediately use this grant to: 1. get new testing kits, 2. reverse engineer the kits to manufacture them in Pakistan, 3. open new quarantine houses, 4. Food support to virus infected Pakistanis.

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Justice

Mar 19, 2020 08:11am

In the midst of global Corona pandemic, Pakistan is the only country that was looking for external aide and financial assistance to fight COVID-19..

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Saleem

Mar 19, 2020 08:23am

Since PM IK said, India’s condition is similar to Pakistan ( both being poor), will the amount be shared with India?

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Bitter truth

Mar 19, 2020 08:33am

Need Aid not loans

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Fastrack

Mar 19, 2020 08:34am

And the unhappy Indians rush to comment. Keep going IK.

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Neighbor

Mar 19, 2020 08:48am

Surprising that a nuclear power country has to ask for money to provide health care to it's citizens

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VeryFastTrack

Mar 19, 2020 09:00am

@Fastrack, India has net surplus in ADB and is committed to help Asian economies.

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John William

Mar 19, 2020 09:38am

And all this money will go to China for their used second hand ventilators and supplies they are providing in name od assistance

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Akboi

Mar 19, 2020 09:44am

@Fastrack, keep going as in asking for loans like this one. Asking for a friend.

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ON .

Mar 19, 2020 09:53am

@QiXi, big bungalows will be built for politicians for quarantine and they will never move out of it

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Logicalhuman

Mar 19, 2020 09:57am

@Fastrack, Indians are unhappy while taking loans, Pakistan is unhappy returning loans!

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ayush

Mar 19, 2020 10:10am

its a loan not aid

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Rahim

Mar 19, 2020 10:10am

@Saleem, India doesn’t live on loans. It is providing funds to other nations. It is the third largest economy in the world. PMIK loves to talk ill of India all the time while forgetting to provide good governance to Pakistan. We are unlucky to depend on loans to take care of the poor and needy.

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Rehmat Ali

Mar 19, 2020 10:14am

Now govt will say Dollars reserves shoot. This dollar will be used to cover import bills. This aid will act as the promotion of addiction to aids and loans.

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Junaid

Mar 19, 2020 10:19am

You guys know that this is a loan and not grant right?

Recommend 0

Mar 19, 2020 10:38am

Good amount of Aid money, now Authorities must spent wisely.

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Desi dimag

Mar 19, 2020 10:46am

Is this a loan or aid?

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Umesh

Mar 19, 2020 11:05am

You should be in your senses atleast now when the pandemic is at your borders with Iran. Why should Indians be unhappy? Most if us are unhappy at your predicament and also as your insensitive and incompetent handling will have severe repercussions for India as a neighbors. Your comment is tragic.

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Ajay Maheshwari

Mar 19, 2020 11:10am

Banks always provide loan not aid. do not be happy.

Recommend 0

Mar 19, 2020 12:39pm

Is it loan or free?

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GRK

Mar 19, 2020 12:41pm

Started celebrating

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Citizen

Mar 19, 2020 12:52pm

@Fastrack, why should Indians be unhappy with the loans or aid Pakistan gets, don't forget you will have to pay it back. There no free lunches mate..

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RationalBabu

Mar 19, 2020 01:08pm

@Desi dimag, does it matter when it won’t be repaid anyway?

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Iftikhar Khan

Mar 19, 2020 02:07pm

@Desi dimag, Nations, trusts or individuals give aid, not institutions.

Recommend 0

Mar 19, 2020 02:12pm

Please use this money to get virus tests and to build medical effective facilities, and not spend to pay to lobbyist and reporters in USA and EU to propagate against India. Put Kashmir on back burner and focus on this calamity. Don't lock down for now but promote social distancing. Have you made plans to stock up supplies?

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Li-N-Ja

Mar 19, 2020 02:38pm

Modi has also committed US$ 1 Bn for SAARC members. Ask some shared from that fund as well.

Recommend 0

Mar 19, 2020 03:17pm

Nuclear power country can’t control virus on his own it needs handout for that aswell. Shame.

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Fastrack

Mar 19, 2020 03:40pm

@Logicalhuman, Please study. Ask UK why they were annoyed with India diverting 'aid' money.

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Vikas

Mar 19, 2020 04:47pm

HE is good man!! Very good indeed. Successfully managed to get 588 million. Next goal debt write off. He will get it. He is brilliant in these things.

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A shah

Mar 19, 2020 04:51pm

More loans?

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AJo

Mar 19, 2020 05:27pm

@Fastrack, 16.5% of this money belongs to India. All rights to be concern about how money is spent when we know how international charity in past was used against us

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Dipak

Mar 19, 2020 05:29pm

@Fastrack, progress?

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N_Saq

Mar 19, 2020 05:44pm

And lets see how much of it will be used for the benefit of the public and how much of it will not see the daylight i.e. go into the pockets of the few.

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Hope for the World

Mar 19, 2020 05:56pm

Money to Buy things... Pay later no problem.

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Hope for the World

Mar 19, 2020 05:57pm

Maybe India should also consider offering Pakistan a few Billion Dollars Loan at good interest rates to buy Indian Medical Devices and Medicines.

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SAM

Mar 19, 2020 06:08pm

Given? Loaned?

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Dr. Salaria, Aamir Ahmad

Mar 19, 2020 07:06pm

What are the terms and conditions of these latest loans meant to enclave and enslave the helpless and hapless future generations of the Islamic Republic of Pakistan?

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Siddharth chandigarh

Mar 19, 2020 08:08pm

So this is victory of pakistani awam finally. They got another loan.

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Sharan

Mar 19, 2020 08:57pm

Please use this money to treat your people.....

Recommend 0

Sharan

Mar 19, 2020 08:58pm

@Fastrack, we are very happy because this money saves human lives if used wisely.

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Sharan

Mar 19, 2020 08:59pm

@Saleem, no it will not be shared, India is self sufficient

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Hindustani

Mar 19, 2020 09:38pm

Hopefully they use it right as India is also major share holder in supplying money to the Bank.

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Lahori kid

Mar 19, 2020 10:03pm

@Ibrahim S, Banks do not provide aid.

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Lahori kid

Mar 19, 2020 10:04pm

Hope the PM will not take this money and spread it among the ones who have no desire to work, EVER.

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Ahmed

Mar 19, 2020 11:09pm

Good to secure this funding now. I have trust in the current government it will make sure the funds are used honestly

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Rashmi

Mar 19, 2020 11:12pm

@Justice, that's not true, be fair, Iran and Venezuela both have approached IMF for loans.

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GRK

Mar 19, 2020 11:14pm

@Dr. Salaria, Aamir Ahmad, don't worry you pak will not pay same

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Kulbhushan Uadav

Mar 19, 2020 11:21pm

The only goal of Imran Khan is to get money by any means.

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Jalbani Baloch

Mar 20, 2020 12:02am

How much is Grant allocation of this total $588 million? The multilateral institutions are simply business and profit making institutions by extending loans with heavy mark ups with a meager component of Grant Allocation.

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Dev

Mar 20, 2020 12:57am

@Saleem, Unlike Pakistan India has close to 500 billion dollars in reserves.

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Vorshal

Mar 20, 2020 01:02am

@ Rashmi, Yes indeed, no money will not be enough when not spent on the purpose of the aid.

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Indian

Mar 20, 2020 01:10am

If the situation continues the way it is going in Pakistan, it will pose a major challenge to Pakistan. Apart from India, right now nobody is helping others, if situation worsens further IK would have to reach out to Modi for help or else I dread to say Pakistan is likely to suffer big time. India used the proactive approach and had been saved by from the virus so far. Everyone coming from the countries infected by the virus was inspected at the airport itself from January on wards.

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S. Nasheed Ahmed

Mar 20, 2020 01:12am

Of course. How else will the politicians & bureaucrats maintain their lavish lifestyles ?

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S. Nasheed Ahmed

Mar 20, 2020 01:31am

In 1999-2007, Pakistan did not take any IMF loans & still maintained a respectable FC reserves. However, in AAZ's era, we received an IMF loan of US$ 11 B & US aid of US$ 7.5 B. In MNS' tenure, we took another IMF loan of US$ 7 B & CPEC loans in billions of dollars. Loans & aid taken by IK are well known to all. Even then, our country is now of the brink of bankruptcy.

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S. Nasheed Ahmed

Mar 20, 2020 01:34am

There are many things that the Media does not allow me to say.

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S. Nasheed Ahmed

Mar 20, 2020 01:36am

What are Finance Minister AH Shaikh's true motives ?

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jehengir khan

Mar 20, 2020 03:19am

Call for military March in the city and impose curfew....this is the only way to fight with corona virus.....