ADB Approves $800 Million for Pakistan to Boost Fiscal Sustainability

‘Fund Could Be Misused’: India Opposed ADB Loan To Pakistan

- Press Trust of India

lhe Asian Development Bank (ADB) approved $ 800 million for Pakistan to strengthen fiscal sustainability and improve public financial management, an official said on Tuesday.

Khurram Schehzad, advisor to the finance minister confirmed the development in a brief statement on social —_ media, saying that the package includes a $ 300 million policybased loan (PBL) and a $ 500 million programmebased guarantee (PBG).

He said, “ADB approves $ 800 million financing package for Pakistan” under the Resource Mobilisation Reform Programme.Separately, the Philippines-based lender also confirmed the development in a statement, saying that subprogramme 2 of the “Improved Resource Mobilisation and Utilisation Reform Programme” includes a policy-based loan of $ 300 million, and ADB's “first-ever policy-based guarantee” of up to $ 500 million, which is expected to mobilise financing of up to $ 1 billion from commercial banks.“Pakistan has made significant progress in improving macroeconomic conditions,” said ADB country director for Pakistan, Emma Fan.