The Asian Development Bank on Friday approved a $500 million loan for Pakistan for the purchase of Covid-19 vaccine, reported 24NewsHD TV channel.

The ADB will provide $500 million loan to Pakistan for the procurement of coronavirus vaccine. The government will buy 9.8 million doses of Covid-19 vaccines. 

According to the ADB, the bank would also assist the government of Pakistan in the vaccination process. 

In the fiscal budget 2021, the Finance Ministry allocated Rs25.3 billion to the National Disaster Management Authority (NDMA) for the purchase of coronavirus vaccines. But the actual spending was a meagre Rs16.6 billion.

The Health Ministry forwarded a summary to the Federal Cabinet for the approval of Rs63.5 billion supplementary budget to procure vaccines for the months of August and September. But the Finance Ministry refused to provide funds citing pressure on exchange rate and wanting transparency in deals. It also advised the Health Ministry to arrange foreign loans for this purpose.

Reporter Waqas Azeem