*ISLAMABAD – Asian development bank (ADB) announced the provision of $2.7billion in approved financing to Pakistan in 2019.*
Foreign investors’ confidence over the economy of the country was restoredto a large extent after approval of a bailout package by the InternationalMonetary Fund (IMF) for Pakistan, a previous ADB report had read.
The international money lender tweeted: “ADB to provide $2.7 billion inapproved financing to Pakistan in 2019, and recently approved CountryOperations Business Plan (COBP) 2020-2022 will increase average lending to$2.4 billion a year – a record increase over the $1.4 billion averagefrom 2015 to 2018.”
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Another tweet on the matter read: “In addition, ADB will leverage ourlending through the mobilization of co-financing and funding from othersources, including regional concessional resources. The new COBP willsupport Pakistan’s development goals and complement efforts by otherdevelopment partners.”
Earlier on October 7, Asian Development Bank (ADB) approved additionalfunds of $200 million to the Benazir Income Support Programme (BISP),according to a press release issued by the Maila-based lending agency.
The funding was provided to help support the government of Pakistan’sflagship social protection program, BISP, which supports more than 5million eligible families across the country through over $3.6 billion intotal cash transfers disbursed so far.
