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ISLAMABAD: Pakistan has signed the financing agreements worth of US$ 1,500 million with the three International Financial Institutions (IFIs), the World Bank (WB), the Asian Development Bank (ABB), and the Asian Infrastructure Development Bank (AIIB).

The Prime Minister Imran Khan was also to witness the signing ceremony of the financing agreements worth US$ 1,500 million with the three IFIs, said a press release issued by Ministry of Economic affairs (EAD) here on Friday.

This is concessional financing in the form of budgetary support that is being provided by the three IFIs that will help mitigate socioeconomic impact of COVID-19 pandemic, strengthen health, education, and social safety nets systems.

The three programmes’ are including the COVID-19 Active Response and Expenditure Support Program (CARES) $ 500 million.

Asian Development Bank is extending financial support of US$500 million for this program with the objective to support Government of Pakistan’s efforts to strengthen the health system and mitigate socioeconomic impacts of the COVID-19 pandemic.

The Asian Infrastructure Investment Bank is extending co-financing of US$500 million for the COVID-19 Active Response and Expenditure Support Program (CARES) to augment the Government’s efforts to mitigate the direct and indirect impacts of the pandemic.

The scope of the CARES program covers the social protection for the poor and vulnerable, an expanded health sector response to the pandemic; and a pro-poor fiscal stimulus package to ensure recovery in growth and employment.

The Securing Human Investments to Foster Transformation (SHIFT) $500 million aims to strengthen the Civil Registration & Vital Statistics, health and education systems essential for Human Capital (HC) accumulation; recognize and support the contribution of women to economic productivity; and improve efficiency of the national safety nets.

Secretary, Ministry of Economic Affairs Mr. Noor Ahmed signed the three loan agreements on behalf of Government of Pakistan while Patchamuthu Illangovan, Country Director, WB, Xiaohong Yang, Country Director, ADB and Konstantin Limitovsriy, Vice President, AIIB signed agreements on behalf of the World Bank, Asian Development Bank and Asian Infrastructure Investment Bank respectively.

The amount of US$1,500 million will be disbursed to Pakistan in next few days.

The Country Directors of WB and amp; ADB reiterated their commitments to support Pakistan and appreciated the government’s resolve, efforts and measure to fight the pandemic.

Minister for Economic Affairs, Makhdum Khusro Bakhtyar, while appreciating the three IFIs for their continued support, especially in times of pandemic crisis, said that this, reflects the confidence of the IFIs and the international development community in government’s policies and endeavours in structural reforms process.—APP