STAFF REPORTER
ISLAMABAD
The Asian Development
Bank (ADB) has approved
an emergency loan of $1.3
billion for Pakistan to provide
immediate support to
the country’s finances and
help strengthen a slumping
economy, according to a
press release issued on Friday.
The quick dispersing
loan is part of a multi-donor
economic reform
programme spearheaded
by the International Monetary
Fund (IMF) to
stablise the economy which
crumbled mid-2018, the
statement added.
The loan was approved
after the government implemented
a series of reforms
and actions, supported by
IMF, to improve the
country’s “current account
deficit, strengthen its revenue
base, and protect the
poor against the social impact
of the economic crisis”.
Commenting on the
loan, ADB Director General
for Central and West Asia
Werner Liepach maintained
that the bank is committed
to providing Pakistan support
so that it may
strengthen its economy.
“These funds will meet
the government’s emergency
financing needs to
prevent significant adverse
social and economic impacts
and lay the foundations
for a return to balanced
growth,” he said.
In another press release
issued on Friday, the ADB
approved a $300 million
policy-based loan to aid the
government in ensuring financial
stability, governance
and tackling hurdles
in the policy infrastructure
in Pakistan’s energy sector
