Funding to provide budget support after eligible disasters as country faces $2bn in average annual losses
\n islamabad
\nThe Asian Development Bank (ADB) has approved $500 million in contingent disaster financing for Pakistan to help the country respond to natural disasters and limit their economic and fiscal impact.
\nThe financing facilities, approved under the bank\u2019s policy-based lending, will provide prompt budget support following eligible disaster events.
\nFloods, earthquakes and other disasters cause Pakistan estimated average annual losses of $2 billion, according to the ADB.
\nThe 2022 floods alone caused $14.9 billion in direct damage and $15.2 billion in economic losses, pushing as many as 9.1 million people into poverty.
\nPoor and rural communities have less capacity to recover from disasters, while women and girls are disproportionately affected.
\nThe second subprogramme of the Climate and Disaster Resilience Enhancement Program supports reforms aimed at strengthening disaster preparedness and risk management in Pakistan.
\nIt also seeks to integrate resilience measures into the country\u2019s development planning and investment, strengthen its disaster risk financing framework and improve the availability of funds following disaster events.
\n\u201cWhen disaster strikes, it is often the most vulnerable communities that are hit hardest. Investing in preparedness can help protect lives and livelihoods, reduce economic losses, and safeguard the development gains Pakistan has worked hard to achieve,\u201d said ADB Country Director for Pakistan Emma Fan.
\nFan said the programme would support Pakistan in implementing reforms to build resilience against future disasters.<\/p>\n","protected":false},"excerpt":{"rendered":"
Funding to provide budget support after eligible disasters as country faces $2bn in average annual losses islamabad The Asian Development Bank (ADB) has approved $500 million in contingent disaster financing for Pakistan to help the country respond to natural disasters and limit their economic and fiscal impact. The financing facilities, approved under the bank\u2019s policy-based […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-577282","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n