Important news for Pakistan, Asian Investment Bank will provide $ 500 million to Pakistan
The money for the government's Code 19 program will be provided in collaboration with the Asian Development Bank (ADB).
An AIIB report on the proposed program said that the epidemic had significantly affected Pakistan's ability to maintain optimal growth rates, including its ongoing economic recovery program.
ADB estimates that exports and remittances will decline by $ 2 billion during the fiscal year ending June 2020. ADB expects total revenue to decline by about $ 6 billion.
According to the report, the effects have already led to job losses in both the formal and informal sectors.The government has mobilized for approval of a development spending program in the health sector and will work on three sections of the $ 7.2 billion health sector, including health, social safety net and economic mobilization measures.
Two days ago, the World Bank's Executive Board approved a $500 million loan to Pakistan for assistance in health, education, job creation for women and social security under measures against Code-19.
The loan will be issued immediately by the World Bank and is likely to be available before the end of the current fiscal year on June 30. The loan from the World Bank will cover a period of 30 years with a grace period of 5 years and will be provided by the International Development Association, a subsidiary of the World Bank.
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