The Asian Development Bank (ADB) has committed to providing Pakistan with $2 billion annually over the next three years to support the country in overcoming its financial and climate-related challenges. ADB President Masatsugu Asakawa announced this commitment during a meeting with former President Asif Ali Zardari, who emphasized the urgent need for enhanced international support, particularly in addressing the severe impacts of climate change.
President Zardari underscored the devastating toll that the 2022 floods took on Pakistan’s economy, agriculture, education, and infrastructure. He pointed out that Pakistan’s climate finance requirements are significant, as the country continues to grapple with the aftereffects of natural disasters that have destabilized key sectors. Zardari expressed his appreciation for the ADB’s continued support but called for further assistance to mitigate future climate risks and strengthen the country’s resilience against environmental challenges.
The meeting, which included the participation of Senators Sherry Rehman and Saleem Mandviwalla, also touched upon the broader economic difficulties facing Pakistan. Zardari highlighted the economic losses inflicted by the country’s long-standing war on terror, noting that terrorism had exacerbated Pakistan’s financial woes and hindered its developmental progress. The rising inflation and external pressures have added to these challenges, making international assistance critical for the country’s recovery.
ADB President Masatsugu Asakawa reaffirmed the bank’s commitment to supporting Pakistan, particularly through investments that would bolster the country’s infrastructure, economic growth, and environmental sustainability. The $2 billion annual assistance package will target key areas such as climate adaptation, infrastructure development, and social welfare, helping Pakistan navigate its economic and climate crises.
This ongoing collaboration between Pakistan and the ADB comes at a time when the country is seeking to balance economic recovery with addressing the long-term impacts of climate change, which continues to threaten its vulnerable sectors.
