Home Business Pakistan signs $2.7bn loan with Asian Development Bank

Pakistan signs $2.7bn loan with Asian Development Bank

Pakistan signed a total of $2.7 billion in loans with the Asian Development Bank (ADB) in 2022,: said Federal Minister for Economic Affairs.

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Asian Development Bank
Asian Development Bank

Pakistan signed a total of $2.7 billion in loans with the Asian Development Bank (ADB) in 2022, Federal Minister for Economic Affairs Sardar Ayaz Sadiq said.

“Minister for Economic Affairs Ayaz Sadiq and ADB DG Yevgeniy Zhukov witnessed the signing of 5 loans worth $772.6 million by Sec EAD Kazim Niaz and ADB DCD Asad Aleem for flood reconstruction, skill development, power transmission, irrigated agriculture projects across Pakistan”, ADB Pakistan informed while taking its official twitter handle.

Recently, on December 14, 2022, the Asian Development Bank approved a $100mn loan to improve Technical and Vocational Education and Training (TVET) in Punjab province in Pakistan.

Moreover, on December 12 2022, ADB has also approved $554mn for Pakistan under Flood Assistance Packages to support the restoration activities after the devastating floods recorded during this year.

Pakistan is struggling to meet its external financing obligations in the face of low foreign exchange reserves that are barely enough to cover a month of imports. It is also beset by decades-high inflation.

The country has been trying to approach allies to seek financial support, and a ninth review of the International Monetary Fund for a 2019 bailout programme has been pending since September.

Copyright 2022 Thomson Reuters.

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