Pakistan likely to get additional $2.5b ADB funding for next fiscal year

Pakistan likely to get additional $2.5b ADB funding for next fiscal year

Islamabad (Agencies): The Asian Development Bank (ADB) is likely indicated to provide additional support of $ 2.5 billion to Pakistan in the next fiscal year, 2022-2023.

According to statement issued by finance ministry, $1.5-2 billion could be available in the ongoing calendar year.

The assurance came at a meeting of Minister of State for Finance Dr Aisha Ghous Pasha and the ADB’s Country Director in Islamabad Yong Ye and their respective teams.

Welcoming the team from ADB, the minister acknowledged that ADB has always assisted in pursuance of reform and development agenda in the country.

She recognised the all-weather and trusted partnership of ADB with Pakistan especially in the areas of energy, education, and fiscal and debt management.

Further, she shared that currently Pakistan was facing various fiscal and monetary challenges but the present government was keenly working on various structural reform measures to bring back the economy on an inclusive and sustainable growth path.

Ms Pasha thanked Yong Ye and his team for their dedication and assured them of full support and speedy implementation of the ongoing programmes.

The ADB country director briefed the Minister of State on ADB’s portfolio and the country strategy.

It was shared that ADB has been devoted for providing the support for reform agenda of State Owned Entities (SOEs) governance and regulations, women inclusive finance sector development and PPP frameworks.