Arooj Zulfiqar

The Asian Development Bank (ADB) has approved a $659 million loan package for Pakistan to carry out development projects such as rehabilitating schools damaged by the 2002 floods and boosting agricultural productivity to ensure food security. The loan aims to support inclusive economic growth and improve the country’s infrastructure, energy security, transport networks, and other social services. Out of these loans, $80 million has been allocated for improving agricultural productivity in order to enhance food security. “The ADB’s decision to allocate $80 million for agricultural development in Pakistan is a commendable holistic approach to economic recovery,” Shahzad Amir Naveed, an agriculture sector specialist from the Ministry of Planning, Development and Special Initiatives, told WealthPK. “The distribution of funds indicates a deliberate emphasis on the agricultural sector, especially in regions affected by the floods. The funding will help smallholder farmers by offering them essential resources and training, with a focus on women,” he said.

This initiative will tackle the vulnerability of the sector to climate change while also uplifting the rural communities. It is crucial to address these issues to ensure food security and protect the livelihoods of vulnerable populations. In recent years, the country has faced significant financial difficulties, further exacerbated by the recent floods that caused destruction to infrastructure and agricultural lands. He expressed optimism that by actively pursuing foreign direct investment, there was potential for economic revival. However, successful implementation will depend on an efficient coordination among the government organisations, local communities, and international partners. Regular monitoring and evaluation are essential to ensure the effective use of funds and the achievement of targeted outcomes. If executed diligently, this initiative has the potential to be a catalyst for positive change, paving the way for a more resilient, inclusive, and economically vibrant Pakistan.

Credit: INP-WealthPk