ISLAMABAD – Pakistan Foreign Exchange Reserves to get $1 billion boosterfrom the Asian Development Bank (ADB).
ADB on Friday approved $1 billion in immediate budget support to Pakistanto “shore up the country’s public finances and help strengthen a slowingeconomy”.
According to a press releaselinkissuedby ADB, the quick dispersing loan is part of a comprehensive multi-donoreconomic reform programme led by the International Monetary Fund (IMF) tostabilize Pakistan’s economy after a major deterioration in its fiscal andfinancial position in mid-2018 caused growth to slump and threatenedprogress in alleviating poverty.
ADB’s financing was approved after the government implemented a series ofIMF-supported reforms and actions to improve its current account deficit,strengthen its revenue base, and protect the poor against the social impactof the economic crisis.
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“ADB is committed to providing wide-ranging support to strengthenPakistan’s economy and reduce the risk of external economic shocks,” saidADB Director General for Central and West Asia Werner Liepach.
“These funds will meet the government’s emergency financing needs toprevent significant adverse social and economic impacts and lay thefoundations for a return to balanced growth.”
