Islamabad: President Asif Ali Zardari has called for augmented assistance from the Asian Development Bank (ADB) to tackle the significant climate finance needs of Pakistan, in light of the country’s severe climate impacts and ongoing economic challenges. This appeal was made during a discussion with ADB President Masatsugu Asakawa, who is currently visiting Islamabad.
According to Ministry of Information and Broadcasting, President Zardari detailed the extensive damage caused by the 2022 floods, which adversely affected Pakistan’s economy, agriculture, and infrastructure sectors. He emphasized the dual burden of climate change and the economic repercussions of the war on terror. The President expressed gratitude for ADB’s ongoing contributions to Pakistan’s socio-economic development and for its prompt support following the devastating floods.
ADB President Asakawa acknowledged the severe climate challenges facing Pakistan, including the rapid melting of glaciers. He announced a commitment of two billion dollars in annual aid over the next three years to support infrastructure and climate resilience initiatives in Pakistan, noting recent positive trends in the country’s economic recovery and stabilization efforts.