ADB announces $2.3-2.5bn to support flood relief efforts in Pakistan
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The Asian Development Bank (ADB) on Wednesday announced it would provide aid of around $2.3-2.5 billion for relief operations in the wake of devastating floods that have caused catastrophic damage in Pakistan.
According to a press release issued by the Finance Division, the announcement was made during a meeting between Finance Minister Ishaq Dar and ADB Country Director for Pakistan Yong Ye.
During the meeting, Ye congratulated Dar on assuming office and expressed sympathy for the loss of lives and properties due to the floods.
The ADB country director said that $1.5bn from the announced aid will be allotted to the Balochistan Rural Development and Community Empowerment Programme and the proposal will be put before the bank’s board this month.
“He also apprised the meeting of ongoing and future projects of ADB in different sectors including social protection, food security and energy sectors.
“Regarding the Country Partnership Strategy for Pakistan 2021-25, it was shared that this strategy is in line with the vision of the government of Pakistan,” the press release reads.
It added that the finance minister welcomed the delegation and appreciated ADB’s role and support in promoting sustainable development in the country.
Dar also apprised the delegation of the losses from the flood and their economic impact.
He further stated that the economy faced huge challenges assuring that the government had arrested its decline and set the economy on the right trajectory with its “pragmatic policy decisions”.
The finance minister also shared the government’s priorities with the ADB delegation.
“In the end, the finance minister expressed gratitude to the ADB delegation for their persistent support and assured them of full cooperation by the government for swift execution of the ongoing and future programmes,” the press release added.
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Comments (75) Closed
Oct 05, 2022 07:43pm
WOWW... lots of money in their pockets now. $$$ exactly how they want them.
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Oct 05, 2022 07:43pm
Thank you ADB.
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Oct 05, 2022 07:44pm
Party time then for these crooks!
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Oct 05, 2022 07:45pm
Dar is a magician of a Finance Minister... he delivered in 2 days..
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Oct 05, 2022 07:47pm
More loans - Pakistan economy is doomed
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Oct 05, 2022 07:50pm
Loan ?
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Oct 05, 2022 07:51pm
Pakistan needs loans of 32 billion USD in this fiscal year to pay its installments and to bridge the current account deficit. As Pakistan has been shut out of the bond market, whole of this amount must come under different names and programs from IMF, ADB, IBRD and other institutions.
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Oct 05, 2022 07:53pm
ADB will give money to GOP just to get a kick back. They know very well that it will not benefit the nation.
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Oct 05, 2022 07:57pm
as we have experienced in past, the corrupt leaders steal even charity money, I have no hope that it will be spend on needy people.
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Oct 05, 2022 08:00pm
Get the fire works out and celebrate another loan
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Oct 05, 2022 08:10pm
Very sad to hear this because we all know where most of this money will end up in a property portfolio or off shore account.
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Oct 05, 2022 08:13pm
Wow , property prices in Mayfair will shoot up !
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Oct 05, 2022 08:19pm
Mouth watering from Islamabad to Karachi.
While Bilawal is still abroad after more than a month, but daddy is probably thinking of 20% to pay for the kid's wedding??
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Oct 05, 2022 08:39pm
@Shahid, Get your facts straight. Pakistan has enough to service the debts, internal and external for the current year. Stop with your false narratives.
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Oct 05, 2022 08:39pm
@Reddy , read carefully. it says it is "aid".
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Oct 05, 2022 08:44pm
Thanks to ADB management in helping floods
victims in Pakistan, these people lost everything
in floods, no home, no money and no foods, if
ADB want to help these people further, please
have them build small two bedrooms apartments
upto four story in all major and small cities of Pakistan will be a great help to these families again.
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Oct 05, 2022 08:53pm
Pakistan plush with free money. Is that something to be proud of?
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Oct 05, 2022 08:56pm
No free lunch. It is a loan to be repaid with interest later.
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Oct 05, 2022 09:03pm
Pakistan Government only gives out funds to the contractors, who know how to deal with the official goons handling such works.........?
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Oct 05, 2022 09:04pm
@S. Nasheed Ahmed, Let’s not get overboard. The country needs funding badly and this is as good an option as any, if not better. Dar is doing something good compared to Imran Khan who set the country on a path to bankruptcy with is corruption and incompetence.
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Oct 05, 2022 09:16pm
@Hindsight, Yes they used Mifta to set the ground straight for him
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Oct 05, 2022 09:24pm
@Truth be told, There is no such thing as aid worth $2.5b unless it is 2.5Million
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Oct 05, 2022 09:25pm
A big thank you to India being one of the biggest contributors to the ADB
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Oct 05, 2022 09:28pm
Our elite takes aid and loans to feed themselves. We are importing everything literally everything.
If people will not rise to all these political parties (PTI,PMLN,PPP). This is what we get and i think people should support TLP this time. We should give them a chance just like we gave it to PTI. Success or Failure depends on long term and straight forward thinking and may be sometimes out of the box thinking will do the job. Have you ever wondered why our exports is still 25 billion dollars ?
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Oct 05, 2022 09:31pm
@Hindsight, Yes hat is why the 2005 earthquake victims are still displaced and are groping in the dark for their survival.
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Oct 05, 2022 09:33pm
@Taj Ahmad , So you want to displaced them from their villages into the cities. How they will survive.
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Oct 05, 2022 09:36pm
Get loans to pay off interest of previous loans. Great economic strategy.
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Oct 05, 2022 09:38pm
It is a loan. It should be repaid later with interests.
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Oct 05, 2022 09:45pm
Hopefully this will be spend on flood effected areas not on other non development projects
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Oct 05, 2022 09:46pm
@Taj Ahmad , Aid by a bank mean loan.
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Oct 05, 2022 10:21pm
Is it a loan or free money?
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Oct 05, 2022 10:22pm
Any idea how to pay back these loans.
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Oct 05, 2022 10:27pm
From GeoEconomics to GeoClimatic
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Oct 05, 2022 10:29pm
The one who receives this aid and comes back to Pakistan will be received as a hero
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Oct 05, 2022 10:32pm
Happy days are here again.
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Oct 05, 2022 10:34pm
@M. Emad , "Loan ?"
It's an aid i.e freebies with conditions.
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Oct 05, 2022 10:37pm
@Shahid, ”Pakistan needs loans of 32 billion USD in this fiscal year to pay its installments and to bridge the current account deficit. As Pakistan has been shut out of the bond market, whole of this amount must come under different names and programs from IMF, ADB, IBRD and other institutions."
No worries,Pakistan is the master acquirer of loans and let other do the work for it.
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Oct 05, 2022 10:41pm
@Taj Ahmad , "Thanks to ADB management in helping floods
victims in Pakistan, these people lost everything
in floods, no home, no money and no foods, if
ADB want to help these people further, please
have them build small two bedrooms apartments
upto four story in all major and small cities of Pakistan will be a great help to these families again."
Totally agreed with you if it reaches targeted people but we all know different.
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Oct 05, 2022 10:45pm
Hope money not fly out to seek avenfield part 2 this time for left over Sharifs
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Oct 05, 2022 10:49pm
"$1.5bn from the announced aid will be allotted to the Balochistan Rural Development and Community Empowerment Programme "......
This is an NGO started in 1983 with with German help. It services farmers and small businesses in 13 districts around the Mastung area.
What I would like to know is how many Micro-loan borrowers does BRDCEP have on it's books, and how many farmers are in that area.
Just normal curiuosity.
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Oct 05, 2022 10:52pm
Get ready, your chance to line your pockets as usual.
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Oct 05, 2022 11:06pm
This is aid. 50% of it will straight go into the pockets of PLMn & PPP leaders. MQM and others leaders has to snack a portion of it. Did you see how vultures eat dead meat. These politicians will enjoy this aid on the dead bodies of flood victims. Watch
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Oct 05, 2022 11:07pm
Another opportunity to loot and plunder. Congratulations!!!
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Oct 05, 2022 11:08pm
@Hindsight, Yes, he is a magician just like so many other politicians who earned massive amount of wealth without doing any work. :-)
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Oct 05, 2022 11:16pm
Lies and deceit again, always pumping up hope only to be disappointed later, just like the IMF funding. There was no Asian Development Bank (ADB) announcement of any flood relief "aid". Instead, the ADB informed the GOP that it has sent its loan request to its board of directors. Note that, the ADB doesn't give "aid" but "loans" and the US and Japan are the majority donors (50%). With Western relations that low, you can guess what their vote will be!
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Oct 05, 2022 11:34pm
World Bank, ADP and IMF please do not give any money to these corrupt politicians. Rather find a way deliver help directly through your own channels.
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Oct 05, 2022 11:49pm
The money is going straight in the thieves' bank accounts.
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Oct 06, 2022 12:00am
One can’t like him but he’s better than Miftah in table talk
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Oct 06, 2022 12:18am
@Reddy ,
Do you know Indias massive foreign reserves are built on debt? India does not run account surpluses - where do you think the money is coming from? And India’s debt to gdp ratio is higher than Pakistans.
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Oct 06, 2022 12:20am
In the eyes of Pakistan finance minister what is the policy that he says will put pakistan on the right track with the money coming from ADB. I would like some explanation. Also who is doing the oversight in disbursement of this money, who will be keeping records of expenditure just for sake of transparency or is it too much to ask.
Thank you
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Oct 06, 2022 12:23am
So the good times will be rolling again. Buying new cars, mansions and acres of land in foreign countries. I guess that’s what mr. Far means when he says the moneys will swiftly expedited
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Oct 06, 2022 12:37am
All those who are jumping with joy, thinking ADB is generously giving $2.5 billion free money (as if that's what banks do!) and calling it "aid", ask yourself: if that huge amount is being simply handed to a notoriously corrupt government by ADB, then why is the UN having difficulty even getting a fraction of $800+ million aid that it estimates Pakistan needs for fighting water-born diseases or food insecurity among the floors affected folks?
Simple logic. No such thing as a "free lunch. "
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Oct 06, 2022 12:46am
Please, we don't need more loans. We need grants and donations. The type that IK and other honest organizations have been collecting.
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Oct 06, 2022 12:51am
How much have the Sharifs and Zardaris paid out of their own pockets?
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Oct 06, 2022 12:54am
Why does everyone in the picture on both sides of the table look as if they have won the lottery?
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Oct 06, 2022 01:11am
ADB supports a pro Democracy party in power.
Everyone ignored the pro fascist PTI.
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Oct 06, 2022 01:12am
@S. Nasheed Ahmed, do you enjoy making things up? And harm the country.
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Oct 06, 2022 01:13am
People have become sick, these negative comments in light of positive news shows, the deep sickness in hearts.
Amazing.
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Oct 06, 2022 01:37am
A very small portion will reach the deserving ing. We are well aware of the history of this corrupt parties alliance
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Oct 06, 2022 01:56am
Remember - ADB is not a "Grant" organization. It is a commercial lending organization. So, anything it gives out, has to be paid back with interest.
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Oct 06, 2022 02:37am
Aid or loan? Anyway how does it matter.. Plano concept of returning it .. when push comes to shove willl ask to restructure it!
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Oct 06, 2022 03:37am
Loans, loans and more loans. How, when, from where and by whom, these billions of U.S. dollars' worth of loans will be paid back to the banks and the lending firms?
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Oct 06, 2022 04:04am
Dar indemnity the whole vandalism land to pledged loan..20 Million to poor and rest to these crooks!
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Oct 06, 2022 04:06am
World is helping us to mitigate affects of flood disaster. Americans has played key role in helping us. One does wish we come out from the romance of personalities ( Nawaz, Imran Khan) and start making real efforts to rehabilitate flood victims and how to counter the affects of flood in future.
We are doing fire fighting/ concentration is limited to win next year election. NAB powers have been reduced to zero thus paving the way for once again bringing old horses in to play.
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Oct 06, 2022 04:22am
More debt to be paid by future generations.
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Oct 06, 2022 04:58am
PTI is loosing big time.
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Oct 06, 2022 05:04am
After China india is largest shareholder of ADB bank… so much for not taking money from India
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Oct 06, 2022 06:40am
Chinese money comes with long strings
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Oct 06, 2022 07:17am
Money will not solve the problems. With inflation sky high the money will vanish fast. Need goods and services for the poor people for resettlement
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Oct 06, 2022 07:53am
The public will see a fraction of that money, that much we know, not my theory, history has taught us that.
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Oct 06, 2022 07:54am
@Hindsight, Anyone can get a loan, not a magician by the way, a crook is a more if a fitting term that fits him like a glove.
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Oct 06, 2022 08:40am
2+ billion dollars in aid too good to be true. Don't buy it Nleague is renowned for these fake stories. UNO appealed for 800 million and this crook get 2.5 billion in no time. Unbelievable
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Oct 06, 2022 11:02am
Well all money for Swizz banks ss,ns,aaz anonymous accounts,Swizz banks very happy for this ppp,pml n money laundering of flood victim aid by ADB.
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Oct 06, 2022 11:05am
@Hindsight, no absolutely wrong,pml n throw back the dollars lotted and purchased in last 30 years and the recent buying spree in last 2 months to garland the dar welcome to new heights of money laundering.
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Oct 06, 2022 11:24am
Ask yourself:
Would any bank even give you Rs. 10 rupees for free??
ADB is not a charity, It is not just giving away that kind of money for free, without consulting its board and getting approval of major stakeholders, conditions, audits, oversights and long strings attached.
It is a bank which is in the business of lending money.
It is a LOAN, not an aid or a donation.
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