ISLAMABAD The Asian Development Bank (ADB) on Wednesday announced it would provide $2.3-2.5 billion in flood relief to support Pakistan, as the South Asian country continues to grapple with devastating floods that it estimates could cost over $30 billion in damages.
Unusually heavy rains and melting glaciers triggered flash floods across Pakistan since mid-June. Almost 1,700 people have been killed in rain-related incidents since June 14 while millions of houses have been damaged. Critical infrastructure, including bridges and roads, has been severely damaged by raging floods.
The government has said over 33 million people have been affected by floods, as many Pakistanis displaced by the floods are now suffering from mosquito-borne and water-borne diseases.
Last month, the ADB said it was working on a “significant relief and rehabilitation package” for people, livelihoods and infrastructure affected by the floods. An ADB delegation led by Country Director Yong Ye met Pakistan’s Finance Minister Ishaq Dar at the Finance Division earlier today, Wednesday.
“He [Ye] informed the Finance Minister that ADB will provide flood relief support to Pakistan to the tune of $ 2.3 to 2.5 billion including $ 1.5 billion for the BRACE program which will be placed before the ADB Board for approval during this month,” the Finance Division said in a statement.
The finance minister informed the ADB delegation about the devastation caused by the floods and their impact on Pakistan’s economy, the statement said. Dar thanked ADB for its support and assured the delegation of the government’s full cooperation for “swift execution of the ongoing and future programs.”
Pakistan has identified several priority needs, including food security, agriculture and livestock, health, water, sanitation, hygiene, shelter, and nonfood items, according to the ADB.