Islamabad: The Asian Development Bank has approved $500 million in emergency financial assistance to Pakistan to combat natural disasters and mitigate their impacts.
Under this facility, Pakistan will be provided with immediate budgetary support in the event of floods, earthquakes or other natural disasters to reduce the pressure on the economy and national exchequer.

According to the ADB, floods, earthquakes and other natural disasters cause an average loss of $2 billion every year in Pakistan, while according to the ADB, the devastating floods of 2022 caused direct losses of $14.9 billion and economic losses of $15.2 billion, as a result of which 9.1 million people were pushed into poverty.

According to experts, the poor and rural population are more affected by natural disasters, while women and girls also face disproportionate difficulties.

The second phase of ADB’s Climate and Disaster Resilience Enhancement Program will support reforms to integrate disaster preparedness, risk management, and development planning in Pakistan.

The program will also improve the availability of financial resources in the aftermath of natural disasters and strengthen Pakistan’s disaster risk financing system.

Emma Fan, ADB’s Country Director for Pakistan, said that since the most vulnerable and disadvantaged groups are often the most affected by natural disasters, investing in preparedness can help protect lives and livelihoods, reduce economic losses, and secure development gains.

She said that the program will help Pakistan implement key reforms and build a safer and more resilient future. The program is aligned with Pakistan’s national priorities for disaster risk reduction and ADB’s commitment to building climate and disaster resilience in Asia and the Pacific.