Emergency loan worth $500m approved for Pakistan


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ISLAMABAD: The Asian Development Bank (ADB) has granted an emergency loan of $500 million to fund social protection programmes, expand health sector capabilities and to boost growth.

“ADB was fully committed to supporting Pakistan in its ongoing economic recovery programme through this difficult period of the pandemic”, announced ADB President Masatsugu Asakawa.

The loan will be utilised to help the vulnerable groups of the society, increase medical capacities and create jobs to boost the economic growth amidst COVID-19.

The ADB has pledged to fully support the incentives given by the government under its Covid-19 Active Response and Expenditure Support (CARES) Programme, including the Kafalat social protection programme, and the financial assistance to 3 million daily wage workers to mitigate the impact of COVID-19.

In addition, the allocated fund will also be utilised to procure additional ventilators and coronavirus protective kits for health care staff, including personal protective equipment (PPE).

A part of the fund will be used to support young entrepreneurs, including at least 25% of women under the government’s Kamyab Jawan programme.

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