For a big relief to economy, Pakistan gets huge assistance package worth $7.5 billion: Report

For a big relief to economy, Pakistan gets huge assistance package worth $7.5 billion: Report

ISLAMABAD – Asian Development Bank (ADB) has reportedly approved assistance package worth $7.5 billions for Pakistan over next three years.

Director General Strategy, Policy & Review Department Tomoyuki Kimura called on Finance Minister Asad Umar.

During the meeting, the finance minister said that ADB’s continued support and pro-active approach has further strengthened its relationship and partnership with Pakistan, which is now at a historic high level. Pakistan achieved more than 1 billion USD disbursement from ADB during FY2018 which is the highest disbursement amongst all multilateral development partners, he said.

Asad Umer went on to say that the PTI government is taking various measures and reforms that will help the country steer out of current economic situation on both fronts i.e. external economic challenges including trade deficit, low FDI and forex reserves. As regards domestic challenges, we are focusing on fiscal consolidation, monetary policy and financial inclusion.

He also appreciated ADB’s recently approved Country Operations Business Plan (COBP) 2019-2021 for Pakistan with an indicative assistance of US$7.5 billion.

The ADB DG apprised the minister about salient features of the ADB 2030 strategy. He dilated on different new lending products including special policy based lending. The discussion also focused on private sector lending.

“The ADB will also provide programme lending facility to Pakistan to the tune of $2.3 billion in the next three years, starting 2019, in the spheres of future energy sector development, trade and competitiveness and capital market development. This lending facility, it may be added, is part of the COBP,” he added.