ISLAMABAD – After the International Monetary Fund loan, Pakistan receivesthe first tranche of the $10 billion loan from the international financialinstitution Asian Development Bank.
Economic Affairs Minister Hammad Azhar on Wednesday revealed the fact.
He formally announced that the Asian Development Bank has released $500million to support Pakistan’s reforms and development agenda.
Taking to social media to make the announcement, the minister said, “TheADB Board today approved release of USD 500 million to support the presentgovt’s reform agenda for improving Trade Competitiveness to enhanceexports. Proceeds of this facility will boost FX reserve built up & givemuch needed budgetary support to Government of Pakistan.”
The minister expressed relief on the release of the grant, saying that themoney would go a long way in supporting the country that is embroiled in afinancial crunch.
Read Top Stories
In another tweet, the minister continued, “More significantly, budgetarysupport program from a long term development partner i.e ADB has beenrestored after a gap of more than 2 years. I am thankful to ADB and itsPresident for their support and reposing confidence in the present Govt’sreform agenda.”
It is pertinent to mention that ADB plans to provide $2.1 billion, out of$3.4 billion fund earmarked to support Pakistan’s reform and developmentprogrammes, this year.
The bank had approved a $10 billion loan for Pakistan which would bereleased over the next five years.
