ADB approves loans of $1.3 billion for Pakistan extending budgetary support

ISLAMABAD: The Asian Development Bank (ADB) on Friday approved two loans totaling $1.3 billion for budgetary support and key reforms in Pakistan.

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The ADB approved $1 billion in immediate budgetary support to Pakistan to “shore up the country’s public finances” and help strengthen a “slowing economy”, said a statement released by the bank.

The quick dispersing Special Policy-Based Loan is part of a comprehensive multidonor economic reform programme led by the International Monetary Fund (IMF) to stabilise Pakistan’s economy after a major deterioration in its fiscal and financial position in mid-2018 caused growth to slump and threatened progress in alleviating poverty.

The bank said it approved the financing after the government implemented a series of IMF-supported reforms and actions to improve its current account deficit, strengthen its revenue base, and protect the poor against the social impact of the economic crisis.

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