ADB’s $1.5 billion BRACE Program will go a long way toward assisting flood victims: PM

ISLAMABAD: Prime Minister Shehbaz Sharif said on Monday that the Asian Development Bank’s “Strengthening Resilience with Active Countercyclical Expenditure” (BRACE) Program, in addition to building resilience and infrastructure, will support Pakistan’s financial condition and flood victims.
Addressing a signing ceremony for a $1.5 billion programme here, the prime minister commended the ADB for providing timely assistance to Pakistan at a “difficult moment.”

He stated that the ADB has always been a terrific partner, recalling the institution’s assistance for solarization of schools and other projects during his tenure as Punjab’s chief minister.

The prime minister also thanked the ADB President for his “gracious help” to Pakistan, which was aimed at providing social protection, promoting food security, and assisting in the creation of jobs in the aftermath of disastrous floods and global supply chain disruptions.

In his remarks, Finance Minister Ishaq Dar recalled his “fruitful” meeting with the ADB president in Washington, saying that the organisation has always backed Pakistan pragmatically and thanked the Bank’s vice president for the prompt assistance.

He said that the current government was trying to deal with the economic issues left by the previous administration.

He stated that the floods had cost the country around $32.4 billion and reaffirmed the government’s determination to return the country to normalcy.

According to an ADB statement, the $1.5 billion countercyclical assistance is part of a significant response package to help people, livelihoods, and infrastructure in Pakistan in the aftermath of recent floods that displaced over 33 million people and caused extensive damage to infrastructure and agriculture.

It will also contribute to increasing the number of families receiving cash transfers from 7.9 million to 9 million, increasing the number of children enrolled in primary and secondary schools, and improving geographic coverage of health services and nutritional supplies for pregnant and lactating mothers and children under the age of two.