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Pakistan failed to utilise $4.6 bln ADB funds: sources

ISLAMABAD: Pakistan has failed to utilise $4.6 billion funds that were granted by Asian Development Bank (ADB) for various projects in the country.

However, the country will pay commitment fee, extra charges, on ‘idle money’.

According to ADB sources, $6.4 billion of loans were granted to Pakistan for several schemes and projects, out of which, only $1.80 billion were used.

ADB country review, states that the Asian Development Bank is assisting the country in its ongoing reform programmes.

Moreover, the chief of World Bank has expressed concerns over ineffective measures and slow pace of utilizing the funds by Pakistan.

It is pertinent to mention that Pakistan has to pay commitment fee on un-utilized funds within the prescribed time frame.

The incumbent government of Prime Minister Nawaz Sharif despite inaugurating several schemes, remained unable to utilise funds in an effective manner, the statement revealed. Consequently, out of 2.99 billion US$, approved by ADB, only 440 millions were utilized.

Last year, ADB cancelled loans worth over 200 million dollars to Pakistan due to slow pace of utilization.

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Pakistan failed to utilise $4.6 bln ADB funds: sources

by Web Desk