Pakistan to start receiving funds next month.

Islamabad -- secretary Planning, development and special Initiatives Zafar ali shah has said that Pakistan will start receiving funds pledged for the flood recovery next month and these loans will be available at the interest rate of one percent. Talking to media here secretary Planning Zafar ali shah said that no cut is being imposed on the spending due to floods on Public sector development Programme (PsdP). The secretary informed that the World bank had pledged $2b, Islamic development bank $4.2b, adb $1.5b and asian Infrastructure Investment bank (aIIb) $1.1b. The pledges came at the International Conference on Climate Resilient Pakistan held in Geneva. multilateral and bilateral agreements at the Climate Change Conference will give Pakistan a new lending, secretary said. Zafar ali shah said that the pledged funds will be available under multilateral agreements with World bank, asian development bank, aIIb and Islamic development bank. The secretary said such a huge pledge from Islamic development bank was a surprise and added that no terms and conditions had been finalised with Islamic development bank yet. The secretary also informed that a recovery and reconstruction cell will also be established in the ministry of Planning, development and special Initiative for the...