The Asian Development Bank (ADB), one of the leading international financial lenders, is all set to hold its 56th annual meeting of the Board of Governors from May 2 to 5 in Incheon, the capital city of Seoul, South Korea.
The theme of this year’s conference is “Rebounding Asia: Recover, Reconnect, and Reform” to discuss issues related to working towards an inclusive, resilient, prosperous Asia and the Pacific with members, development partners.
The forum will address a wide range of issues including food security, climate change and countering attacks such as the Russian invasion of Ukraine, and pave the way for the region’s sustainability and growth with strong economic policies.
The meeting will also consider various reforms that ADB is undertaking to introduce innovative climate financing, expand lending capacity and restructure to better meet the needs of its developing member countries.
The meeting is being held at a time when Pakistan has recently experienced widespread flooding due to torrential rains, which have cost the national economy more than $30 billion and created food security issues. were, infrastructure was damaged, cattle were swept away and houses collapsed. Heavy rains are once again predicted in some parts of the country this season which could further devastate the already disaster-stricken country.
According to media reports, rains and floods in 2022 submerged one-third of Pakistan, killing more than 1,191 people, including 399 children, while the United Nations appealed for aid.
Pakistan received nearly double the 30-year average rainfall in the quarter to August last year, with Sindh province worst hit, with 471 percent more than the 30-year average. It is all about climate change for which Pakistan is in no way responsible but a ‘most vulnerable country’ to all the adverse effects of changing weather patterns. It is therefore natural that Pakistan would expect ADB to look into the challenges faced by its people and provide much-needed financial assistance to meet this challenge.
Although the ADB said in its annual report for the year 2022 that funding to Pakistan reached a high level as it financed $31.8 billion in projects in Asia, and Pakistan financed $5.5 billion in projects. was the recipient. Concessional loans of 2 billion 600 million dollars were also given to Pakistan.