📌 Key Highlights & Quick Takeaways:
- The Asian Development Bank has approved $500 million in emergency financial assistance to Pakistan to deal with and mitigate the effects of.
- Under this facility, immediate budgetary support will be provided to Pakistan in case of floods, earthquakes or other natural calamities to.
- According to ADB, floods, earthquakes and other natural disasters in Pakistan cause an average loss of 2 billion dollars every year, while a.
The Asian Development Bank has approved $500 million in emergency financial assistance to Pakistan to deal with and mitigate the effects of natural disasters.
Under this facility, immediate budgetary support will be provided to Pakistan in case of floods, earthquakes or other natural calamities to reduce the pressure on the economy and national exchequer.
According to ADB, floods, earthquakes and other natural disasters in Pakistan cause an average loss of 2 billion dollars every year, while according to ADB, the catastrophic floods of 2022 caused a direct loss of 14.9 billion dollars and an economic loss of 15.20 billion dollars, as a result of which 9.1 million people fell into poverty.
According to experts, poor and rural populations are more affected by natural disasters, while women and girls also face disproportionate hardships.
Under the second phase of ADB's Climate and Disaster Resilience Enhancement Program, Pakistan will support reforms to incorporate natural disaster protection measures into disaster preparedness, risk management and development planning.
