Pakistan gets international aid of USD 1.5 billion to handle COVID outbreak

As Pakistan's Prime Minister Imran Khan gloated about extending monetary help to India, the country hassigned agreements with three international financial institutions for a financial aid of USD 1.5 billion to tacklethe coronavirus outbreak.

Pakistan's economy has seen a steep decline, especially after the nationwide lockdown was initiated to contain the spread of the virus. Sadly, Prime Minister Imran Khan had to reopen the economy to save the country from starving to death.

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The three organisations areWorld Bank (WB), the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB).

Secretary of Ministry of Economic Affairs Noor Ahmed signed the agreements on behalf of Pakistan. WB Director, Pakistan, Patchamuthu Illangovan and Director ADB Xiaohong Yang signed the agreements on behalf of the three financial institutions.Imran Khan was present during the signing process.

The ADB will lend USD 500 million to COVID-19 Active Response and Expenditure Support Program (CARES). The ADB has extended the help to support Pakistan's failing health systemand mitigate socioeconomic impacts of the coronavirus pandemic.

The AIIB will be sendingUSD 500 million to the CARES to help the country deal with all direct and indirect impacts of the pandemic. Another sum of USD 500 million will be extendedby the three donors under Securing Human Investments to Foster Transformation (SHIFT).

The money will be disbursed over the next few days.