ISLAMABAD: The Asian Development Bank on Friday approved two loans of $1.3 billion in total for budgetary support and key reforms in Pakistan.The Asian Development Bank (ADB) approved $1 billion in immediate budgetary support to Pakistan to “shore up the country’s public finances” and help strengthen a “slowing economy”, said a statement released by the bank.The quick dispersing Special Policy-Based Loan is part of a comprehensive multidonor economic reform programme led by the International Monetary Fund (IMF) to stabilise 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 bank said it approved the financing after the government implemented a series of IMF-supported reforms and actions to improve its current account deficit, strengthen its revenue base, and protect the poor against the social impact of the economic crisis.“ADB is committed to providing wide-ranging support to strengthen Pakistan’s economy and reduce the risk of external economic shocks,” said ADB Director General for Central and West Asia Werner Liepach. “These funds will meet the government’s emergency financing needs to prevent significant adverse social and economic impacts and lay the foundations for a return to balanced growth.”In another loan,… Read full this story
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