ISLAMABAD: The Asian Development Bank (ADB) in its annual report revealed that Pakistan during last year 2022, has received the most funding among Asian countries.
The flash floods of 2022 destroyed Pakistan’s economy, caused extensive damage to the crops resulting in an imbalance of supply and demand, and increased inflation.
The ADB’s annual report says the Bank and its partners awarded projects worth $5.5 billion to Pakistan. In 2022, concessional loans of $2.6 billion were granted to the country.
The Bank provided project financing worth $31.8 billion in Asia in 2022.
The report acknowledges that Pakistan’s economy was hit the hardest by last year’s floods. Due to the natural calamity, crops were destroyed, and demand and supply disturbed. Due to the destruction of crops, inflation also increased, it added.
The war between Russia and Ukraine is the main cause of global inflation, the report stated.
It added that 1,730 people died due to the flood in Pakistan, and affected 33 million people. The country’s economy suffered a loss of $30 billion, the ADB report said.
For the rehabilitation of flood-affected areas, $16 billion were pledged, while $1.5 billion were provided to Pakistan for the flood-affected areas, the report said.
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