ADB Confirms $10bn Loan For Pakistan

ISLAMABAD: ARY News reports that in five years to help the reform and growth programs in Pakistan the Asian Development Bank (ADB) authorized 10 billion dollars of loans for Pakistan.

Detailed information indicates that for the present 2019-20 fiscal year ADB has intended to provide Pakistan with a grant of $2.1 billion.

According to the ADB Press Release, the credit will be granted in instalments over the course of five years for a number of initiatives.

The press release also provides that ADB is establishing a fresh relationship with Pakistan's incumbent govt. The press release says that the country partnership program is going to proceed for five years until 2024.

The loan aims to achieve stability in the economy and in government institutions of Pakistan.

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“Pakistan will receive the first instalment of USD 1 billion in few hours,” said ADB Country Director Ms Xiaohong Yang while addressing a function titled ‘Consultation Pakistan: Country Partnership Strategy 2020-2024’ in Islamabad today.

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She said ADB is always prepared to help Pakistan grow greater, more sustainable and inclusive.

Secretary of Economic Affairs Noor Ahmed said the fresh ADB-Pakistan Partnership Strategy should be aligned with coordinated and embedded initiatives in addressing key obstacles to development and promoting financial growth.