ADB approves $1.30bn emergency loan for Pakistan
ISLAMABAD (92 News) – The Asian Development Bank (ADB) has approved a $1.30 billion emergency loan for Pakistan.
The announcement issued by the ADB in its press release on Friday. The bank said it was an emergency loan to shore up the country’s finances and help strengthen its slowing economy.
It is pertinent to mention here that Pakistan will fulfill budget deficit through one billion dollar and $1.30bn will be used for improving the energy sector. The ADB has approved $1 billion budgetary support for Pakistan. This will help the country further improve its financial and economic condition.
It was also reported that the approval of budgetary support is the outcome of the steps taken by the government for protection of disadvantaged segments of the society. The loan that the PTI government had asked the Philippine-based bank for in September was to build the country’s foreign exchange reserves.
“The quick dispersing special policy-based loan is part of a comprehensive multi-donor economic reform programme led by the IMF to stabilize Pakistan’s economy after a major deterioration in its fiscal and financial position in mid-2018 caused growth to slump and threatened progress in alleviating poverty,” the ADB press release stated.