Pakistan likely to receive $5b to get over coronavirus crisis

Islamabad praises foreign donors and development partners  

By: News Desk
Published: 10:18 PM, 27 Apr, 2020
Pakistan likely to receive $5b to get over coronavirus crisis
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Pakistan has praised foreign donors and development partners for extending financial and moral support in the ongoing war on coronavirus.

According to the Economic Affairs Division, Islamabad is likely to receive $ 5 billion grant from the international community to fight off coronavirus.

Development partners committed financial and technical support including grant and concessional financing for recently established Pakistan’s Pandemic Preparedness and Response Plan.

Chairing a meeting on Monday, Minister for Economic Affairs Makhdum Khusro Bakhtyar noted with appreciation the continued support in this hour of need.

Reps of the European Union (EU), Asian Development Bank (ADB), World Bank (WB), United Nations (UN) and Islamic Development Bank (IsDB) attended the meeting.

Of the major development partners, the World Bank has provided initial support of $240 million in new financing and repurposing existing financing to support urgent health response, social safety nets, distance learning and food security.

Over 1.8 million PPEs and medical equipment have been delivered around the country.

The World Bank is also ramping up its support to provide over $2 billion in new financing and up to $1 billion in the repurposing of existing funds including $130 million in grant funding over the next 15-months.

These funds will support Pakistan’s strong and quick recovery from COVID-19 crisis.

The Asian Development Bank has so far extended grant assistance $2.5 million and repurposed $50 million from National Disaster Risk Management Fund for Pakistan.

Additionally $500 million Counter-Cyclical Support Facility and $300 million as Emergency Assistance Lending (EAL) is likely to be approved by the ADB.

The IMF has already approved and disbursed $1.386 billion under its Rapid Financing Instrument.

While there are commitments of $12.545 million from the European Union and $500 million by Islamic Development Bank in oil financing plus $150 million for mitigating COVID 19 impact.

The UN has provided technical training to medical staff. UNDP and WHO have also assisted NDMA and Ministry of Planning, Development & Special Initiatives in preparation of Pakistan’s Pandemic Response Plan. 

The UN has invited Pakistan to join WHO’s COVID-19 Partners web-based Platform.

The UK Department of International Development, United States Agency for International Development, China and Japan have each reached out to the Government of Pakistan in financial and technical assistance to supplement Pakistan’s efforts in tackling the health, financial and economic fall out of the COVID-19 crisis.

Our Senior Reporter Waqas Azeem contributed to this story.

Categories : Latest, Pakistan