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Pakistan’s economy will grow by 2% subject to vaccine rollout: ADB

ISLAMABAD: Pakistan’s economic growth is expected to rebound this year before gaining pace in 2022 as business activity gradually resumes after the coronavirus pandemic, the Asian Development Bank (ADB) said in a report. According to the Asian Development Outlook (ADO)

ADB approves $300mn for Balakot hydropower plant 

ISLAMABAD: Asian Development Bank (ADB) has approved a $300 million loan to finance the construction of a 300-megawatt hydropower plant that will increase the share of clean energy in Pakistan and improve the country’s energy security. The plant will add

ADB, IMF launch first joint report on financing SDGs

MANILLA: The Asian Development Bank (ADB) joined 11 multilateral development banks (MDBs) and the International Monetary Fund (IMF) in launching the first-ever joint report on financing the Sustainable Development Goals (SDGs). The report is released at the end of a

Pakistan’s economy is recovering: ADB

ISLAMABAD: The Asian Development Bank (ADB) has said that Pakistan’s economy was recovering but did not provide any growth projection. This was according to a brief seven-page report “Asian Development Outlook (ADO) 2020 Supplement: Paths Diverge in Recovery from the

ADB issues first Pakistani rupee-linked bonds

ISLAMABAD: The Asian Development Bank (ADB) has raised Rs1.83 billion Pakistani rupees ($11.4 million) in the first issue of local currency karakoram bonds by a multilateral development bank of which Pakistan is a member. The karakoram bond is an offshore

1.5mn became unemployed in 3 months due to COVID-19: ADB

ISLAMABAD: The Asian Development Bank (ADB) has 1.5 million youths in Pakistan became unemployed in three months due to the coronavirus. The Asian Development Bank’s report on unemployment due to coronavirus reviewed 3 and 6 months. According to the ADB

ADB forecasts Pakistan economy to grow 2% in next fiscal year

ISLAMABAD: The Asian Development Bank has forecasted Pakistan’s economy to grow by 2 percent in the fiscal year 2021. ADB in its report “Asian Development Outlook Supplement 2020” stated that Pakistan’s economy was on the path to recovery before COVID-19.

ADB approves $500 million loan for Pakistan

ISLAMABAD: The Asian Development Bank (ADB) has signed a $500 loan for social protection, health, and fiscal stimulus for growth and job creation in Pakistan. In a statement, the ADB stated that through this loan, social protection programs to the

ADB approves $300 million loan for COVID-19 relief

ISLAMABAD: The Asian Development Bank (ADB) has approved a $300 million emergency assistance loan to strengthen Pakistan’s public health response to the coronavirus pandemic and help meet the basic needs of vulnerable and poor segments of society. The project will

Coronavirus could cut up to 9.7 percent off global economy: ADB

MANILLA: The Asian Development Bank on Friday said the coronavirus pandemic could cut up to 9.7 percent off the global economy, doubling its previous estimate as the virus stifles trade and leaves millions jobless. The estimated impact would cost as

Govt will provide all facilities to farmers in agriculture, says PM

ISLAMABAD: Prime Minister Imran Khan on Wednesday said that introduction of latest technology and provision of all possible facilities to the farmers’ community were among the government’s top priorities as the agriculture sector was the backbone of the country’s economy.

ADB signs $200mn loan for budgetary support in Pakistan

ISLAMABAD: The Asian Development Bank (ADB) has signed two loans totaling $1.3 billion for budgetary support 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

Finance adviser briefs global partners on Pakistan’s economy

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh has held a series of meetings with heads of various global financial institutions and business leaders to apprise them of the overall state of economy in

ADB approves $2.7 bn financing for Pakistan

ISLAMABAD: The Asian Development Bank (ADB) on Wednesday announced to provide $2.7 billion in approved financing to Pakistan during the outgoing calendar year. The Manila-based regional bank also announced that under the recently approved Country Operations Business Plan (COBP) 2020-2022,

ADB approves $200 million loan to Pakistan

ISLAMABAD: The Asian Development Bank (ADB) on Monday approved a $200 million loan as additional financing to support the Benazir Income Support Programme (BISP). According to a press release issued by the Manila-based lending agency, the amount is additional financing

ADB predicts Pakistan’s economic growth at 2.8% in 2020

MANILA: Asian Development Bank’s Asian Development Outlook 2019 (ADO) reiterates that the nation’s economy is expected to develop more slowly than last year, with GDP development estimated at 2.8% in 2020 financial year The report released on Wednesday states that

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