ADB to loan $1.5bn to Pakistan

MG News | October 05, 2022 at 07:12 PM GMT+05:00

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October 5, 2022 (MLN): The Asian Development Bank (ADB) will provide $1.5 billion loan to Pakistan under Building Resilience with Active Countercyclical Expenditures (BRACE) program, a press release issued on Wednesday showed.

Finance Minister Ishaq Dar met with ADB’s Director Yong Ye to discuss the ongoing portfolio and appreciated the bank’s flood related commitments to mitigate the impact of rising food prices and other external shocks on the poor and vulnerable.

The lending has been requested for general budget support to the government, which will help create fiscal space needed to finance crisis response and relief measures, protect the poor and vulnerable, and facilitate economic resilience to future shocks.

The date for the ADB board to deliberate upon the approval of the $1.5 billion loan is October 21st and it is a coordinated move between the ADB and the World Bank for budget support lending to Pakistan.

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