The Asian Development Bank (ADB) approved two loans of $1.3 billion in total for budgetary support and key reforms in Pakistan. The ADB approved $1 billion in immediate budgetary support to Pakistan to “shore up the country’s public finances” and help strengthen a “slowing economy”, said a statement released by the bank.
This special loan is part of a comprehensive multi-donor economic reform program led by the International Monetary Fund (IMF) to stabilize Pakistan’s economy after a major deterioration in its fiscal and financial position in mid-2018, which caused a slowdown in growth and threatened progress in the fight against poverty.
“ADB is committed to providing wide-ranging support to strengthen Pakistan’s economy and reduce the risk of external economic shocks,” said ADB Director General for Central and West Asia Werner Liepach. “These funds will meet the government’s emergency financing needs to prevent significant adverse social and economic impacts and lay the foundations for a return to balanced growth.”
ADB Approves $300 Million for Pakistan’s Energy Sector
In another loan, ADB approved a $300 million policy-based loan that will help the Government of Pakistan to address financial sustainability, governance, and energy infrastructure policy constraints in Pakistan’s energy sector.
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17 November, 2019