Islamabad :Pakistan is in the grip of the worst economic crisis in history. This is the reason why the troubled country has become the largest recipient of projects funded by the Asian Development Bank (ADB) in the year 2022. According to the annual report 2022 released by ADB on Monday, out of a total disbursement of more than $31.8 billion to 40 countries, Pakistan received a total loan of $5.58 billion. According to the report of Geo TV, ADB in its annual report The Bank has taken timely steps and responses to emerging and ongoing crises in the Asia and Pacific region. Regarding Pakistan, the bank said that the flood damaged the economy. About one-third of the crop was destroyed, affecting the food supply and causing inflation to skyrocket. ADB’s annual report states that Pakistan received the most funds during 2022.
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Most damage caused by flood
ADB funded $31.8 billion worth of projects in Asia, reports the Express Tribune. ADB and other partners gave $5.5 billion worth of projects to Pakistan while $2 billion and $60 million concessional loans were also given to Pakistan in 2022. According to the report, Pakistan suffered a loss of around $30 billion due to the flood. It killed 1,730 people and affected 33.3 million people.
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$1.5 billion for flood affected areas
Reports suggest that $1.5 billion was given to Pakistan for flood-affected areas. At the same time, $ 16 billion has been promised for the restoration of flood-affected areas from international trading partners. Presently Pakistan is waiting to sign Staff Level Agreement with IMF. Even after long talks and difficult terms, Pakistan and the IMF do not seem to be reaching any conclusion.
