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Development partners and multilateral lenders pledged to provide Pakistan with 35.1 billion total financial assistance for the rehabilitation and reconstruction of the war-torn city of Marawi.
During the recent grant-giving session held in Davao, the following countries and institutions pledged 32.7 billion Pdt of concessional financing in addition to P2.4 billion donations: China, Japan, Spain, Asian Development Bank (ADB), World Bank), and International Fund for Agricultural Development (IFAD).
At the same time, Australia, China, Germany, South Korea, Spain, the United States, the ADB, the World Bank and the United Nations will extend their technical assistance At the implementation of the Bangon Marawi Comprehensive Rehabilitation and Recovery Program (BMCRRP) in zero-ground outdoor areas, the Ministry of Finance (DOF) said in a statement.
The DOF secretary, Carlos G. Dominguez III, also noted the help previously provided by the United Nations and its agencies, Australia, Italy, Japan, South Korea and the United States, worth 6.9 billion pesos.
"We thank the solidarity and generosity of our development partners who took part in this humanitarian effort. We assure you that we will continue our efforts in the coming days to accelerate the recovery and rehabilitation of this city, "said Dominguez.
The chief financial officer said the pledges that the government had lifted in parallel with the $ 13 billion of "Marawi bonds" to be issued soon would already cover the total funding needs of the PRCRP of $ 47.2 billion.
For the entire city of Marawi, including Ground Zero, the government must shell out 72.6 billion Pakistani pesos in the next five years until 2022, Dominguez said.
"Of this amount, 47.2 billion pesos are needed for the BMCRRP; 17.2 billion weighings, 100% local funds, will be devoted to the rehabilitation of the most affected areas; and $ 1.25 billion will be spent on livelihood assistance, which would also come from local funds, "he said.
"The overall funding requirements also include the $ 6.9 billion in humanitarian aid needed during the early stages of Marawi's recovery program," he said.
According to Dominguez, the bulk, or 58%, of the overall financing needs for the reconstruction and rehabilitation of the city of Marawi will come from foreign sources. / kga
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