Asian Development Bank approved lending plan of $10 billion for economic recovery of Pakistan
ISLAMABAD – The Asian Development Bank (ADB) on Wednesday approved the lending plan of $10 billion in fresh assistance for the economic recovery of Pakistan.
The Philippines-based lender said it endorsed a new 5-year partnership strategy to help restore economic stability in the country.
The lending plan designed to enhance people’s wellbeing other than creating new jobs and economic opportunities as the country works to overcome the COVID-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, the actual approval and disbursement will depend on Pakistan’s ability to meet conditions.
The lender mentioned that the Covid-19 pandemic had halted macroeconomic recovery in Pakistan, resulting in shrinkage in growth, rise in public expenditures, and loosening of monetary policy to mitigate the health and economic impacts.