Asian Development Bank to Provide USD 3.4 Billion for Budgetary Support

MG News | June 16, 2019 at 10:10 AM GMT+05:00

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June 16, 2019 (MLN): Asian Development Bank has pledged to provide Pakistan USD 3.4 Billion for budgetary support.

This was disclosed in a post made by Dr. Hafeez Shaikh on a social media account.

Dr. Hafeez Shaikh had a meeting with Mr. Werner Liepach, DG ADB, to agree on the ADB program.

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

According to the Advisor Finance, USD 2.2 billion will be released this fiscal year, starting in the first quarter of FY 2019-20. This will help the reserve position and the external account.

This support is in addition to the project portfolio with an estimated disbursement of up to USD 1 billion in FY 2019-20.

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