Islamabad: Pakistan facing economic crisis amid political upheaval has become the biggest recipient of Asian Development Bank (ADB) funded programmes/projects in the year 2022. According to ADB’s Annual Report 2022 released on Monday, out of over $31.8 billion in loans provided to 40 countries, Pakistan received a loan of $5.58 billion. Of this, Pakistan has received a concessional loan of $2.67 billion from the bank last year.
Last year’s floods in Pakistan damaged more than one-third of the crops. This reduced the food supply, causing prices to rise. In Afghanistan also drought and flash floods affected the entire population. Afghanistan and Pakistan have been hit hard by rising food and energy prices, with the Russian invasion of Ukraine driving up domestic inflation and reducing consumption.
The Manila-based lender found in its annual report that the bank responded in a timely manner to emerging and ongoing crises in Asia and the Pacific. Along with Pakistan, the bank has also provided loans to the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan and Uzbekistan.
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