Pakistan to receive yet another loan worth $3.4 billion
ISLAMABAD - *Pakistan to receive yet another loan worth $3.4 billion from Asian Development Bank.*
Pakistan will receive $3.4 billion in budgetary support from the Asian Development Bank (ABD), the de facto finance minister said on Saturday, as the government seeks help to overcome a ballooning balance of payments crisis.
Last month, Pakistan reached an accord in principle with the International Monetary Fund (IMF) for a three-year, $6 billion bailout package aimed at shoring 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 funds to be disbursed in the current fiscal year.
“The ADB will provide $3.4 billion in budgetary support,” de facto Finance Minister Hafeez Shaikh said on Twitter.