Pakistan has emerged as the only Asian country to receive the highest funding last year, as reported by the Asian Development Bank (ADB) on Tuesday.
The bank revealed that the floods had inflicted severe damage on Pakistan’s economy, especially on crops, leading to an imbalance in supply and demand and causing inflation to rise.
The ADB’s annual report disclosed that Pakistan had obtained the most funding during 2022. The bank had financed projects amounting to $31.8 billion in Asia, and Pakistan was the recipient of projects worth $5.5 billion. In 2022, concessional loans of $2 billion and $60 million were also granted to Pakistan.
The report further stated that the floods had devastated Pakistan’s economy, with crops being destroyed, supply and demand deteriorating, and local inflation increasing as a result of crop destruction. The floods had caused a loss of $30 billion to Pakistan’s economy, with 1,730 people losing their lives and 33.3 million people affected by the disaster.
The ADB’s report also revealed that Pakistan had received $1.5 billion for the flood-affected areas, while the international trade partners had pledged $16 billion for the restoration of the flood-hit regions.
In the annual ADB report, it was further stated that Pakistan had obtained $1.5 billion for flood-affected areas. The ADB aims to support the development of its member countries through its various lending programs, technical assistance, and knowledge-sharing activities.