Asian Development Bank releases $500 million for Pakistan's development projects
- By Web Desk -
- Aug 07, 2019
ISLAMABAD: Minister for Economic Affairs, Hammad Azhar formally announced the release of Dollar 500 million by the Asian Development Bank in support of Pakistan’s reforms and development agenda, ARY News reported on Wednesday.
The Minister took to the social media website Twitter to make the announcement, he said; “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.”
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
The Minister expressed relief on the release of the grant and also said that the money would go a long way into supporting the country while it is embroiled in a financial crunch.
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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.”
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
Azhar thanked the global financial body, saying that he was thankful and grateful on the development.
Azhar also highlighted that ADB had been persuaded to support Pakistan’s economic program after a gap of more than 2 years.
Asian Development Bank plans to provide 2.1 billion dollars out of 3.4 billion dollar funds to support Pakistan’s reform and development programs this year.
The Asian Development Bank (ADB) has approved a $10 billion loan for Pakistan during the next five years to support the country’s reform and development programs, the announcement for which was formally made in the recent past.
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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.