Islamabad: The Asian Development Bank (ADB) has approved a financial package of $800 million for Pakistan, which aims to improve financial discipline in the country and promote sustainable development.
According to a statement issued by the ADB, Pakistan has taken significant steps to improve macroeconomic conditions, which are being appreciated by international financial institutions. This funding has been allocated for public finance management, policy reforms, and institutional improvements.
The statement said that $300 million of this amount will be given in the form of loans, while through a guarantee of $500 million, Pakistan will be able to obtain financing from commercial banks up to $1 billion.
ADB says the program is likely to reduce fiscal deficit and debt, while the government will have more room for spending in development and social sectors.
According to the bank, it has provided more than $52 billion in financial assistance to Pakistan since 1966, which is proof that ADB is a long-standing and stable partner in Pakistan’s development.
