Pakistan will get $1.4 billion loan from Asian Development Bank ADB

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ISLAMABAD: Asian Development Bank has approved a $1.4 billion loan to Pakistan for the improvement of energy sector. Pakistan will spend $ 99 crore to install advance meters, that will be helpful to stop the theft of electricity and to increase revenue collection. While Asian Bank also approved another loan of $40 crore for Pakistan for the ongoing reforms of energy sector. ABD will give $400 million immediately in cash to Pakistan in first phase and remaining amount will be given after the improvement energy sector. According to Finance Ministry statement, Ishaq Dar said the approval of loan for Pakistan is the proof of trust on government reforms regarding the energy sector. ABD’s loan will be helpful to overcome mismanagement, corruption and inefficiency in power sector. Senior energy specialist said nearly 20% electricity is lost due to technical and commercial problems. The installation of advance meters is necessary to counter this problems.