Pakistan signs $1.5bn deals with IFIs for response against Covid-19.

ISLAMABAD: Pakistan has signed financing agreements worth of $1.5 billion with three International Financial Institutions (IFIs) - World Bank (WB), Asian Development Bank (ABB), and Asian Infrastructure Development Bank (AIIB) - to boost anti-Covid response as well as strengthen health and education systems.

Prime Minister Imran Khan also witnessed the signing ceremony, said a PM Office press release.

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

The Asian Development Bank is extending financial support of $500 million for the program with an objective to support government of Pakistan's efforts to strengthen health system and mitigate socioeconomic impacts of the pandemic.

The Asian Infrastructure Investment Bank is extending co-financing of $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 social protection for the poor and the...