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ADB to provide $7.1bn over the next three years to help Pakistan achieve inclusive and sustainable growth

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ADB will provide $7.1bn in financing to help Pakistan achieve inclusive and sustainable growth over the next three years, its senior official said.

“ADB plans to significantly increase the country’s sovereign operations to $7.1bn over 3 years,” Wencai Zhang, vice president of the Manila-based lender said in a statement.

ADB is also re-engaging in education and health, and social safety net through income support programme.

The financial package was planned under three-year Country Partnership Strategy for 2018-2020.

Zhang also affirmed ADB’s support for the government’s new development and reform agenda during his two-day visit to the country from October 4 to 5.

Zhang congratulated the new administration on assuming office and noted the government’s 100-day agenda that prioritises revitalising economic growth, transforming governance and revolutionising social services.

“ADB and Pakistan have a more than 50-year history of strong partnership,” Zhang said.

We are committed to deepening our cooperation with the new government and supporting its development agenda to bring prosperity to the people of Pakistan.”

Under the current country partnership strategy 2015-2019 and the country operations business plan 2018-2020, ADB is focused on ensuring high, sustained, and inclusive growth for Pakistan.

Zhang said the country’s economic growth momentum in recent years was driven by domestic demand and improvements in security, energy supply, and public infrastructure projects.

However, the widening current account and fiscal deficits are key challenges to the economy, he added.

Posted on: 2018-10-07T19:38:00+05:00

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