LAHORE: Asian Development Bank (ADB) would provide a United States Dollar (USD) 15 million loan to the Punjab province for carrying out uplift projects, ARY NEWS reported.
According to a handout issued from the economic affairs division, the amount would be utilized for initiating projects in Bahawalpur, Dera Ghazi (DG) Khan, Multan and Muzaffargarh areas of the province.
“The amount will also be utilized for the projects in Rahim Yar Khan, Rawalpindi and Sargodha,” it said.
The agreement for provision of loan was signed between the country director ADB and secretary local government Punjab.
It is pertinent to mention here that on April 22, State Bank of Pakistan (SBP) announced that it had received United States Dollar (USD) 1.39 billion from International Monetary Fund (IMF).
In a message posted on its Twitter account, the SBP said that the amount was received from the IMF under Rapid Financing Instrument.
Read More: IMF says working ‘expeditiously’ to respond to Pakistan’s emergency coronavirus loan request
It is pertinent to mention here that on April 18, the IMF clarified the disbursement of $1.4 billion to Pakistan to address the economic impact of the coronavirus is “additional” to the existing $6 billion programme.
“The $1.4 billion RFI [Rapid Financial Instrument] disbursement is additional to the $6 billion EFF [Extended Fund Facility] to help Pakistan’s immediate efforts to COVID-19,” the Fund said in a tweet.
“The EFF remains in place. Staff & authorities continue to work closely to bring the second review to the IMF Board as soon as possible,” the IMF statement added.
