Pakistan to receive yet another loan worth 3.4 billion

ISLAMABAD – *Pakistan to receive yet another loan worth $3.4 billion fromAsian Development Bank.*

Pakistan will receive $3.4 billion in budgetary support from the AsianDevelopment Bank (ABD), the de facto finance minister said on Saturday, asthe government seeks help to overcome a ballooning balance of paymentscrisis.

Last month, Pakistan reached an accord in principle with the InternationalMonetary Fund (IMF) for a three-year, $6 billion bailout package aimed atshoring up its fragile public finances and strengthening a slowing economy.

The ADB financing would come on top of the IMF loan, with most of the fundsto be disbursed in the current fiscal year.

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“The ADB will provide $3.4 billion in budgetary support,” de facto FinanceMinister Hafeez Shaikh said on Twitter.