ISLAMABAD: Development partners at the Pakistan Development Forum on Monday announced that they would provide $1.4 billion to Pakistan on a fast track basis for the post-flood recovery and reconstruction.
The US and Japan would provide $500 million each while Saudi Arabia will provide $400 million to Pakistan.
US Special Representative for Afghanistan and Pakistan Richard Holbrooke said, “As a demonstration of our sustained commitment to Pakistan, the United States will commit up to $500 million of the first year of Kerry-Lugar-Berman funds.”
This will be one third of the civilian assistance of $1.5 billion budgeted for the current financial year. He said it would benefit flood victims as they continue with the critical recovery and reconstruction process. “These funds are in addition to the $500 million already provided by the US for flood relief.”
The US administration is working closely with Congress and Pakistan’s leadership to determine how these funds could best be deployed so that they were aligned with Pakistani priorities.
This assistance will potentially fund the Citizens Damage Compensation Fund, agricultural initiatives in hard-hit regions, small-scale infrastructure projects, the rebuilding of schools, and other projects to be mutually determined in close consultation with the Pakistani government, he said.
Japanese Vice Minister for Foreign Affairs Makiko Kikuta also announced an additional financial support of $500 million to Pakistan. She said Japan will provide $233 million in soft loans, for rehabilitation of roads and bridges in rural areas of Khyber Pakhtunkhwa.
She said an additional amount of $267 million for the works of international organisations would be provided subject to Japan’s parliament, Diet approval. Together, Japan’s assistance related to the flood will amount to $568 million.
We look forward to the ownership of the government of Pakistan in leading the mid- to long-term rehabilitation and reconstruction, as well as its mobilisation and effective use of domestic resources”, she said.
Saudi Relief Fund Director General Mohammad Ali Arfeen announced $400 million of which $300 million would be in concession loans while $100 million would be utilised for export financing purposed from Saudi Arabia.
The Chinese ambassador announced that China would further enhance its trade relations with Pakistan and a five-year trade development plan would be finalised.
He said the Chinese minister for commerce would be visiting Pakistan to further expand bilateral trade ties.
Pakistan gets $1.4b at PDF
