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Pakistan

Web Desk
June 15, 2019

Pakistan to receive $3.4 billion from ADB in budgetary support

Pakistan

Web Desk
Sat, Jun 15, 2019

ISLAMABAD: Asian Development will give $3.4 billion to Pakistan in budgetary support, said Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh.

In a series of tweets, Dr Abdul Hafeez Shaikh said “ADB to give $3.4 billion in budgetary support. I had a meeting with Mr. Werner Liepach, DG ADB today to agree on the program.”

He said “The ADB will provide $3.4 billion in budgetary support to help with reforms and stabilization of the economy.”

The adviser said “$2.2 billion will be released this fiscal year, starting in the first quarter of FY 2019-20. This will help the revenue and the external account position.”

This support is in addition to the project portfolio with an estimated disbursement of upto $1 billion in the coming years, he added.

Dr Hafeez appreciated the commitment of the ADB to Pakistan’s economic reform agenda.