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Govt, ADB sign $500 million loan agreement

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Web Desk
Web Desk
News Stories Posted by ARY News Digital Team

ISLAMABAD: The Government of Pakistan and Asian Development Bank (ADB) signed a trade and competitiveness programme (Subprogram – 1) amounting to USD 500 million on Wednesday.

Minister for Economic Affairs Hammad Azhar witnessed the signing of the loan agreement.

Economic Affairs Division Secretary Noor Ahmed and Asian Development Bank (ADB) country director Xiaohong Yang signed the agreement.

This programme will help Pakistan to promote macroeconomic stability, improve export performance, and boost economic growth by facilitating improved trade competitiveness.

Under the programme, the government has introduced important tariff and tax-related policy reforms to support Pakistan’s export sector and improve its competitiveness internationally and strengthen key institutions involved in facilitating trade, including accreditation bodies Export-Import Bank of Pakistan (EXIMBP) and the National Single Window (NSW).

Hammad Azhar acknowledged ADB’s support for Pakistan.

He highlighted that Pakistan’s exports are concentrated in less sophisticated and lower value-added products and lack diversification and innovations.

The minister said that ADB’s policy-based lending will not only strengthen the foreign exchange reserves but will also provide fiscal space to the government and boost economic activities in the country.

He reiterated that the government is fully committed to improving governance, bringing economic reforms and achieving sustainable development.

The government aims to put Pakistan’s economy on the path of sustainable and balanced growth and increase per capita income, he added.

The minister emphasized ADB should further scale up its assistance to Pakistan both for programme lending and project financing.

Ms Xiaohong Yang said ADB is one of the leading development partners of Pakistan.

“ADB fully supports the government’s development vision and policies.”

She said that ADB is providing its support for policy reforms and project financing in the key priority areas such as energy, road, social sector, water & irrigation and urban services.

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