ADB approves $500mn loan to Pakistan

ISLAMABAD: The Asian Development Bank has approved a loan of $500 million for Pakistan today.

Minister for Economic Affairs Hammad Azhar announced it on social media, he tweeted:

The ADB Board today approved release of USD 500 million to support the present govt’s reform agenda for improving Trade Competitiveness to enhance exports. Proceeds of this facility will boost FX reserve built up & give much needed budgetary support to Government of Pakistan. 1/2

— Hammad Azhar (@Hammad_Azhar) August 7, 2019

In another tweet on the same matter, the minister said:

More significantly, budgetary support program from a long term development partner i.e ADB has been restored after a gap of more than 2 years. I am thankful to ADB and it’s President for their support and reposing confidence in the present Govt’s reform agenda.

— Hammad Azhar (@Hammad_Azhar) August 7, 2019

The ADB has planned to provide 2.1 billion dollars fund to Pakistan for the current fiscal year 2019-20.

Pakistan has recently entered into a three-year loan programme with the International Monetary Fund.

The IMF will be giving $6 billion to Pakistan over the next three years. It has already dispatched the first $1 billion.