The Asian Development Bank (ADB) Annual Report 2022 revealed that Pakistan received loans of $5.58 billion, making it the largest recipient of ADB-funded programs/projects in the year 2022. Out of the total lending, Pakistan received concessional funding of $2.67 billion from the bank, highlighting the dire economic situation in the country. This significant lending reflects the severity of the economic crisis in Pakistan, which has been compounded by political and geopolitical uncertainties.
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The ADB report cited extreme floods in Pakistan that damaged over one-third of the Kharif (summer) seasonal cropping area, curtailing food supply and driving up prices. Meanwhile, in Afghanistan, drought and flash floods worsened food insecurity and contributed to soaring prices of staple items, impacting the entire population. To address this crisis, the ADB committed $3.7 billion from the programme in 2022, including essential food assistance for those in need, especially women and girls, in Afghanistan (using UN systems), Pakistan, and Sri Lanka.
The ADB also provided a combined $2.2 billion, directed through the bank’s countercyclical support facility, for the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, and Uzbekistan. All these countries were severely impacted by the food and energy crisis sparked by the Russian invasion of Ukraine. In the case of Pakistan, devastating floods exacerbated the economic woes, leading to domestic inflation and curtailing consumption.
The ADB has played a critical role in providing timely responses to emerging and ongoing crises in the Asia Pacific region. The bank’s support to the countries affected by natural disasters and economic challenges has been significant. The ADB’s funding has helped address food insecurity, enhance energy security, and support the affected population. The bank’s focus on concessional funding has provided crucial support to the countries struggling with severe economic challenges.
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