ADB okays $10bn loan for Pakistan

ISLAMABAD: The Asian Development Bank (ADB) has approved $10 billion loan for Pakistan during the next five years to support the country’s reform and development programs, ARY News reported on Monday.

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

The loan will be issued in installments spanning over 5 years for numbers of projects, said a press release issued by ADB.

The press release further adds that ADB is crafting a new country partnership with the incumbent government of Pakistan. The press release reads that the five-year country partnership program will continue till 2024.

The aim of the loan is to introduce stability in Pakistan’s economy and state-institutions.

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“Pakistan will receive the first installment of USD 1 billion in few hours,” said ADB Country Director Ms. Xiaohong Yang while addressing a function titled ‘Consultation Pakistan: Country Partnership Strategy 2020-2024’ in Islamabad today.

She said that ADB always stands ready to assist Pakistan to achieve higher, sustained and inclusive growth.

Speaking on the occasion, Secretary Economic Affairs Division Noor Ahmed said new ADB-Pakistan partnership strategy should focus on coordinated and integrated efforts to address key development challenges and spur economic growth.