*ISLAMABAD: The Asian Development Bank (ADB) has approved $10 billion loanfor Pakistan during the next five years to support the country’s reform anddevelopment programs.*
According to details, the ADB has planned to provide 2.1 billion dollarsfund to Pakistan for the current fiscal year 2019-20.
The loan will be issued in installments spanning over 5 years for numbersof projects, said a press release issued by ADB.
The press release further adds that ADB is crafting a new countrypartnership with the incumbent government of Pakistan. The press releasereads that the five-year country partnership program will continue till2024.
The aim of the loan is to introduce stability in Pakistan’s economy andstate-institutions.
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“Pakistan will receive the first installment of USD 1 billion in fewhours,” said ADB Country Director Ms. Xiaohong Yang while addressing afunction titled ‘Consultation Pakistan: Country Partnership Strategy2020-2024’ in Islamabad today.
She said that ADB always stands ready to assist Pakistan to achieve higher,sustained and inclusive growth.
Speaking on the occasion, Secretary Economic Affairs Division Noor Ahmedsaid new ADB-Pakistan partnership strategy should focus on coordinated andintegrated efforts to address key development challenges and spur economicgrowth.
