Pakistan to receive $1,500 million from World Bank, ADB and AIIB

Pakistan to receive $1,500 million from World Bank, ADB and AIIB

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. COVID-19 - 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 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$1,500 million will be disbursed to Pakistan in next few days. The three programmes details are: COVID-19 Active Response and Expenditure Support Program (CARES) US$ 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 efficiency of the national safety nets.

   

The disbursement of US$1,500 million will be disbursed to Pakistan in the next few days.

The three programs details are:

  1. 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.
  2. 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.
  3. 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.
Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Ambassador Faisal Tirmizi attends Iftar reception hosted by Ruler of Ras Al Khaimah

0
RAS AL KHAIMAH, UAE: Pakistan’s Ambassador to the United Arab Emirates (UAE) Faisal Niaz Tirmizi attended an Iftar reception hosted by the Ruler of...

Pakistan’s foreign reserves stand at $13.4 billion

0
Total reserves: $13.4 billion, up by $239.4 million SBP reserves: $8.0 billion, up $105 million Commercial Banks reserves: $5.4 billion, up by $134.4...

AUD to INR: Australian Dollar to Indian Rupee Today – 22 March 2024

0
The Australian Dollar (AUD) was trading at 54.41 as per the Indian Rupee (INR) on Friday. Currently, Indians are now the second-largest migrant group in...

USD to PKR: USD Dollar Rate in Pakistan Today – 22 March 2024

0
The US Dollar (USD) was being bought and sold at Rs 278.2 and Rs 280.95 in the Open Market against the Pakistani Rupee (PKR)...

Gold Price in Pakistan Today – 22 March 2024

0
On Friday (March 22, 2024), the gold rate for one tola of 24-karat in Karachi, Pakistan, is Rs 223,000.000. It's important to note that gold...
Advertisement