Pak to get USD 1.5 billion international aid to tackle coronavirus outbreak

Pakistan on Friday signed agreements with three international financial institutions for USD 1.5 billion aid in tackling the coronavirus outbreak and strengthening the social sector in the country.

Pakistan on Friday signed agreements with three international financial institutions for USD 1.5 billion aid in tackling the coronavirus outbreak and strengthening the social sector in the country. Prime Minister Imran Khan was present during the signing of the agreements with the World Bank (WB), the Asian Development Bank (ABB), and the Asian Infrastructure Investment Bank (AIIB), according to a statement from his office.

The amount will be disbursed in the next few days, the statement added. The ADB will extend support of USD 500 million to COVID-19 Active Response and Expenditure Support Program (CARES), with the objective to support Pakistan's efforts to strengthen the health system and mitigate socioeconomic impacts of the coronavirus pandemic.

The AIIB will give USD 500 million to the CARES to augment the government's efforts to mitigate the direct and indirect impacts of the pandemic. Another sum of USD 500 million will be provided by the three donors under Securing Human Investments to Foster Transformation (SHIFT).

The third aid aims to strengthen the civil registration and vital statistics, health, and education systems essential for human capital accumulation. Secretary of Ministry of Economic Affairs Noor Ahmed signed the agreements on behalf of Pakistan.

WB Director, Pakistan, Patchamuthu Illangovan, and Director ADB Xiaohong Yang signed the agreements on behalf of the three financial institutions.