ADB allocates $2.1 billion to support Pakistan's reform and development programs
- By Web Desk -
- Jul 09, 2019
ISLAMABAD: 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, ARY News reported.
This was stated by ADB Country Director Ms. Xiaohong Yang while addressing a function titled ‘Consultation Pakistan: Country Partnership Strategy 2020-2024′.
She said that the ADB stood ready to assist Pakistan achieve higher, sustained and inclusive growth.
Ms. Xiaohong Yang said we are open for new ideas and adopt innovative approaches to fast track, scale-up and deepen our assistance in priority sectors.
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Speaking on the occasion, Secretary Economic Affairs Division Noor Ahmed said that the new ADB-Pakistan partnership strategy should focus on coordinated and integrated efforts to address key development challenges and spur economic growth.
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.
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.
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The aim of the loan is to introduce stability in Pakistan’s economy and state-institutions.
“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.