ISLAMABAD     -    The Asian Development Bank (ADB) will provide flood relief support to Pakistan to the tune of $2.3 to $2.5 billion. The ADB would approve $1.5 billion out of $2.3 billion to $2.5 billion under the BRACE program (Building Resilience with Active Countercyclical Expenditures), which will be placed before the ADB Board for approval this month. BRACE is part of ADB’s Countercyclical Support Facility, which does not carry conditions that are part of the traditional lending portfolio. This was disclosed by ADB Country Director Mr. Yong Ye during a meeting with Federal Minister for Finance and Revenue Ishaq Dar here yesterday. Minister of State for Finance and Revenue Dr. Ayesha Ghous Pasha, Asad Aleem, Dy Country Director ADB, Mr. Kiyoshi Taniguchi, Principal Economist ADB, Mr. Laisiasa Tora, Senior Public Management Specialist ADB and senior officers from Finance Division participated in the meeting. Earlier, the World Bank had said it was envisaging financing of about $2 billion for Pakistan for the reconstruction and rehabilitation of flood-affected areas and to strengthen Pakistan’s resilience to climate- related risks. “As immediate response, we are repurposing funds from the existing World Bank-financed projects to support urgent needs in health, food, shelter, rehabilitation, and cash transfers,” said World Bank’s new Vice President for the South Asia Region, Martin Raiser after concluding his first official visit to Pakistan. Now, the ADB announced flood relief support to Pakistan to the tune of $2.3 to $2.5 billion. During the meeting, the finance minister appreciated ADB’s role and support in promoting sustainable development in Pakistan. He apprised the delegation of devastation caused by the recent floods in the country and its impact on the economy of Pakistan. He further stated that Pakistan’s economy faced huge challenges. The present government with its pragmatic policy decisions has not only arrested the decline but has also set the economy in the right direction. The Country Director ADB informed the finance minister that ADB will provide flood relief support to Pakistan to the tune of $2.3 to $2.5 billion including $1.5 billion for the BRACE program which will be placed before the ADB Board for approval during this month. He also apprised the meeting about ongoing and future projects of ADB in different sectors including social protection, food security and energy sectors.