ISLAMABAD – The Asian Development Bank (ADB) on Wednesday approved thelending plan of $10 billion in fresh assistance for the economic recoveryof Pakistan.

The Philippines-based lender said it endorsed a new 5-year partnershipstrategy to help restore economic stability in the country.

The lending plan designed to enhance people’s wellbeing other than creatingnew jobs and economic opportunities as the country works to overcome theCOVID-19 pandemic.

Pakistan will get these loans from 2021 through 2025, which also includes$6.3 billion that it plans to approve in the next three years. However, theactual approval and disbursement will depend on Pakistan’s ability to meetconditions.

The lender mentioned that the Covid-19 pandemic had halted macroeconomicrecovery in Pakistan, resulting in shrinkage in growth, rise in publicexpenditures, and loosening of monetary policy to mitigate the health andeconomic impacts.