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ADB assures Pakistan to approve $1.5bln for BRACE


Finance Minister Ishaq Dar held a meeting with President Asian Development Bank Masatsugu Asakawa.

He thanked the President ADB for the support provided over the years as a major development partner of Pakistan and also for the recent post flood commitments.

The ADB President assured the Finance Minister of approval of the Balochistan Rural Development and Community Empowerment program amounting to US 1.5 billion dollars and of continued support to Pakistan.

Meanwhile, the Finance Minister and Governor State Bank Jameel Ahmad met Queen Maxima of the Netherlands on the sidelines of Annual meetings of IMF-WB to discuss financial inclusion and banking on equality.

Read more: Pakistan seeks rescheduling of $27bn bilateral debt

The two sides reiterated their commitment to work together to achieve fast progress in the subjects discussed.

Earlier, Federal Minister for Finance and Revenue, Mohammad Ishaq Dar said that Pakistan would seek rescheduling of some $27 billion worth of non-Paris Club debt largely owed to China but will not pursue haircuts as part of any restructuring.

In an interview with Reuters, the minister ruled out the possibility of a default on Pakistan’s debt, an extension of the maturity date on bonds due in December or a renegotiation of Pakistan’s current International Monetary Fund (IMF) program.

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