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ADB indicates providing $2.5 billion extra loan to Pakistan

ADB

ISLAMABAD: The Asian Development Bank (ADB) has indicated providing $2.5 billion in additional loans to Pakistan for the fiscal year 2022-23, the Ministry of Finance said on Friday.

The statement was issued after Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha held a meeting with Country Director ADB, Mr. Yong Ye.

 “The ADB indicated the additional support of $2.5 billion for the next fiscal year, from which $1.5 billion to $2 billion can be available in the ongoing calendar year”, according to a statement issued by the Ministry of Finance.

In meeting with ADB officials, Pasha acknowledged the all-weather and trusted partnership of ADB with Pakistan, especially in the areas of energy, education, and fiscal & debt management.

She said: “Pakistan is facing various fiscal and monetary challenges but the present government is keenly working on various structural reform measures to bring back the economy on an inclusive and sustainable growth path.”

Dr. Aisha Ghous Pasha thanked Mr. Yong Ye and his team for their dedication and assured them of full support and speedy implementation of the ongoing programs.

It is worth mentioning here that the coalition government, led by PM Shehbaz Sharif, is facing several economic challenges since coming into power in April 2022 after Imran Khan was dethroned as Pakistan PM through a no-confidence motion.

gn exchange reserves of the State Bank of Pakistan (SBP) also declined by $190 million to $10.308 billion during the week ended on May 6.

The country’s total foreign reserves, including net reserves of commercial banks, dipped to $16.375 billion, the central bank said.

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