Friday August 19, 2022
اردو
Dialogue Pakistan Dialogue Pakistan
Dialogue Pakistan Dialogue Pakistan
  • Citizen Journalism
  • Pakistan
  • World
  • Sports
  • Entertainment
  • Videos
    • Feature Videos
    • In House Videos
    • Mobile Footage
    • Documentaries
  • More
    • Features
    • Health
    • Sci-Tech
    • Business
    • In Pictures
    • Facebook
News

ADB approves one billion dollar budgetary support for Pakistan

by Web Desk December 6, 2019

AA

 ADB approves one billion dollar budgetary support for Pakistan

ISLAMABAD: The Asian Development Bank (ADB) on Friday approved one billion dollars budgetary support for Pakistan.

This will help the country further improve its financial and economic condition.

The approval of budgetary support is the outcome of the steps taken by the government for protection of disadvantaged segments of the society.

A press release issued by the ADB read the quick dispersing Special Policy-Based Loan is part of a comprehensive multidonor economic reform program led by the International Monetary Fund (IMF) to stabilize Pakistan’s economy after a major deterioration in its fiscal and financial position in mid-2018 caused growth to slump and threatened progress in alleviating poverty.

Also Read: Asian Development Bank approves $75m loan for education project in Sindh

“ADB’s financing was approved after the government implemented a series of IMF-supported reforms and actions to improve its current account deficit, strengthen its revenue base, and protect the poor against the social impact of the economic crisis,” it said.

ADB Director General for Central and West Asia Werner Liepach said the funds would meet the government’s emergency financing needs to prevent significant adverse social and economic impacts and lay the foundations for a return to balanced growth.

Pakistan is facing significant economic challenges on the back of a large balance of payments gap and critically low foreign exchange reserves together with weak and unbalanced growth. While the country’s economy has a history of boom and bust economic cycles, it reached a tipping point in 2018 after foreign investment shrank sharply in an uncertain political and global economic environment and the ongoing poor performance of state-owned enterprises caused public debt to reach unsustainable levels.

In July, the IMF approved a three-year $6 billion Extended Fund Facility (EFF) to finance the government’s economic reform program that aims to put Pakistan’s economy on the path of sustainable and inclusive growth. The EFF is expected to catalyze at least $38 billion in financing from Pakistan’s development partners.

Post Views: 101

Share This:

Tags: ADB budgetary support one billion dollar Pakistan
Previous post
Next post




Polls

Who will win the NA-245 By-Elections?

View Results

Loading ... Loading ...
Most Recent
Entertainment

World famous TikTok star Khaby Lame becomes

August 19, 2022
News

Karachi cop saves three girls from drowning

August 19, 2022
World

In Revenge attack, 2-year-old girl bites back

August 19, 2022
Entertainment

“I am afraid of my wife and

August 19, 2022
August 2022
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031  
« Jul    
Related Stories for you

Pakistan qualifies for knock-out stage of World Jr Squash Championships

August 19, 2022

Pakistan has qualified for the knock-out stage of the World Junior Team Squash Championship after finishing on top of Group

Twitter floods with memes after PTCL internet services disrupted across Pakistan

August 19, 2022

Twitter flooded with memes after PTCL users faced disruption in internet services across the country. The Pakistan Telecommunication Company Ltd

Pakistan hamari jaan, hamari pehchaan | Documentary | 75th Independence Day | 14 August Special

August 18, 2022

Pakistan hamari jaan, Pakistan hamari pehchan A short film by Dialogue Pakistan to commemorate Pakistan’s 75th Independence Day.

Dialogue Pakistan

Citizen Journalism is the collection, dissemination and analysis of news by the people for the people especially by the means of internet. Dialogue Pakistan is the country’s first citizen journalism portal to provide Pakistanis an opportunity to get themselves heard aiming to encourage citizen journalism inculcated with ethical values.

Quick Links

اردو
About Us
Advertise
Careers
Contact

Category

Citizen Journalism
Pakistan
World
Sports
Entertainment
Features

Download our APP

Social Platforms

  • Facebook
  • Twitter
  • LinkedIn
  • Instagram
  • Youtube
Copyright 2022.Dialogue Pakistan. All Rights Reserved.