The OPEC Fund for International Development has approved $50 million for Pakistan to support its Covid-19 response efforts.

The fast-track loan will help finance the government’s programme to strengthen health infrastructure and social safety nets and provide a counter-cyclical fiscal stimulus, the OPEC Fund announced from its headquarters in Vienna.

This support will include the provision of Covid-19 testing kits and protective equipment, cash assistance to 12 million families and daily wage workers in the industrial sector who lost their jobs, the purchase of 8.2 million tonnes of wheat, subsidies for agricultural businesses and small and medium enterprises (SMEs), and financing for industry and exporters.

Co-financers of the loan include the Asian Development Bank, Asian Infrastructure Investment Bank, International Monetary Fund, World Bank and bilateral donors.