ADB approves $800mn for Pakistan

Islamabad: The Asian Development Bank (ADB) has approved $800 million for Pakistan.

A statement issued by the ADB said that this amount was approved for strong fiscal sustainability. Pakistan has made significant progress in improving macroeconomic conditions.

The statement said that this program supports the government’s commitment to further policy and institutional reforms. The program will promote strong public finances and sustainable growth.

The Asian Development Bank stated that $300 million in loans and $500 million in guarantees to obtain $1 billion from commercial banks. The program is expected to reduce fiscal deficit and debt, and create more financial space for development and social spending.

ADB added that more than $52 billion in support has been provided to Pakistan since 1966.