- ADB to provide $350 million while WB also offered
to give $230 million
ISLAMABAD, March 18: World Bank (WB) and Asian Development Bank (ADB) on Wednesday offered to financial help for Pakistan to fight against coronavirus outbreak.
According to the details, the ADB will provide $350 million to Pakistan while WB also offered to give $230 million to Pakistan. However, the agreements between Pakistan and international financial institutions are expected soon.
It is pertinent to mention here that Pakistan and the WB are in talks for up to $200 million (Rs32 billion) in loans to enhance the capacity of resources-deficient 270 public hospitals and laboratories to control the spread of deadly coronavirus contagion.
Meanwhile, ADB to immediately release $50 million for Pakistan to fight against the deadly coronavirus pandemic. A total of $35 million will be disseminated to Pakistan in regular tranches as it battles the fast-spreading COVID-19, coronavirus.
Meanwhile Deputy Chairman Planning Commission Dr. Jehanzeb has said that Asian Development Bank and World Bank have agreed to provide $580 million to deal with the coronavirus. It was briefed during the meeting chaired by Dr. Jehanzeb that the funds of the ongoing projects in Pakistan could also be diverted to deal with coronavirus if needed.
The coronavirus (COVID-19) outbreak could cost Pakistan’s economy between $16.387 million to $4.95 billion, or 0.01 to 1.57 percent of the gross domestic product (GDP) in losses, said the Asian Development Bank (ADB) in a report published prior. An official statement by the global money lending body said that the grant will be exclusively given to the country’s National Disaster Management Authority (NDMA).-Sabah
