KARACHI: The Asian Development Bank (ADB) will lend $3.4 billion to Pakistan in budgetary support to help with reforms and stabilization of the economy, Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, Dr Abdul Hafeez Shaikh said in a tweet.
[the_ad id=”31605″]Director General Asian Development Bank (ADB), Werner Leipach and Country Director ADB, Ms Xiaohong Yang called on Dr Abdul Hafeez Shaikh on Saturday and discussed matters relating to ADB’s upcoming operations in Pakistan.
The Director General briefed the Adviser that in addition to strong project portfolio, the Bank is also keen to provide balance of payment financing to support Government of Pakistan’s structural reform agenda. “This budgetary support is estimated to be about $2 billion in the fiscal year 2020 and will broadly cover such policy reform areas as trade competitiveness, energy sector and capital markets development,” Press Information Department (PID) reported.
Shaikh said $2.2 billion will be released this fiscal year, starting in the first quarter of FY2019-20. “This will help the forex reserve position and the external account. This support is in adition to the project portfolio with an estimated disbursement of upto $1.0 billion in FY19-20.”