ADB Approves $500 Million Support to Make Pakistan Disaster Ready
The new funding will give Pakistan quick budget support after floods and earthquakes and help protect poor families.
ISLAMABAD – (Mudassir Iqbal / News Agency) – While many people are following the ACC Asia Cup semi-finals, another important story is about Pakistan’s safety and economy. The Asian Development Bank (ADB) has approved a $500 million loan for the country.
The money will help Pakistan deal with natural disasters. It will also give quick budget support right after a disaster strikes.
The ADB says disasters cost Pakistan about $2 billion every year. Floods, earthquakes and other hazards hurt the economy and damage lives.
The 2022 floods were a clear warning. They caused $14.9 billion in direct damage and $15.2 billion in economic losses. About 9.1 million people were pushed into poverty.
The bank also said poor and rural communities suffer the most. Women and girls are hit harder than others.
The programme has a few main goals. It will improve disaster prevention and risk management. It will add disaster protection to development planning. It will also make more money available after a disaster and strengthen the disaster risk financing system.
The ADB believes early planning can save lives and money. Preparing before a disaster can also reduce future economic losses.
The bank said vulnerable groups will be protected under the plan. It will also keep supporting Pakistan to build a stronger response to disasters.
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