Plan assured for $9 billion global flood aid

Plan assured for $9 billion global flood aid


Planning ministry will establish technical committee and separate unit for transparency

ISLAMABAD (Dunya News) - A $9 billion plan has been established for global aid for flood recovery and rehabilitation over the next three years.

Sources in the Ministry of Economic Affairs claim that Pakistan would get $ 3 billion during the current fiscal year and that the World Bank and Asian Development Bank will provide funding by the end of the following month.

According to reports, the federal government will establish a technical committee for transparency in the use of funds and the ministry of planning will establish a unit for the money obtained via bilateral and multilateral agreements.

The World Bank, Asian Development Bank and Asian Infrastructure Bank have approved loans for flood recovery and restoration initiatives over the period of 40 years on more than one percent interest rate, according to sources in economic affairs.

No terms and conditions have yet been agreed upon with the Islamic Development Bank, sources in economic affairs told.