Pak signs financing agreements worth $1,500 million to three IFIs.

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

Prime Minister Imran Khan was also to witness the signing ceremony of the financing agreements worth 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),said a press release issued by Ministry of Economic affairs (EAD) here .

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.

While the 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 Covid-19 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...

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