ISLAMABAD, Pakistan: Prime Minister Imran Khan on Friday witnessed the signing ceremony of the financing agreements worth US$ 1,500 million with the three International Financial Institutions (IFIs); the World Bank (WB), the Asian Development Bank (ADB), and the Asian Infrastructure Development Bank (AIIB).
The Secretary at the Ministry of Economic Affairs Noor Ahmed signed the three loan agreements on behalf of the government of Pakistan while the Country Director at World Bank Patchamuthu Illangovan and the Country Director at ADB Xiaohong Yang signed agreements on behalf of the World Bank, Asian Development Bank, and Asian Infrastructure Investment Bank.
The disbursement of US$1,500 million will be disbursed to Pakistan in the next few days.
The three programs details are:
- COVID-19 Active Response and Expenditure Support Program (CARES) US$ 500 million: The Asian Development Bank is extending financial support of US$500 million for this program with the objective to support the government of Pakistan’s efforts to strengthen the health system and mitigate socioeconomic impacts of the COVID-19 pandemic.
- The Asian Infrastructure Investment Bank is extending co-financing of US$500 million for the COVID-19 Active Response and Expenditure Support Program (CARES) to augment the government’s efforts to mitigate the direct and indirect impacts of COVID-19 pandemic.
- Securing Human Investments to Foster Transformation (SHIFT) US$500 Million: It aims to strengthen the Civil Registration & Vital Statistics, health and education systems essential for Human Capital (HC) accumulation; recognize and support the contribution of women to economic productivity; and improve the efficiency of the national safety nets.