Monday 27 January 2020
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business-standard - 2 month ago

Pakistan, Asian Development Bank sign loan agreement worth USD 1.3 billion

Pakistan on Monday signed an agreement with the Asian Development Bank for a loan worth USD 1.3 billion to support the cash-strapped country s public finances and shore up its slowing economy. Economic Affairs Division and ADB have signed policy-based loans of USD 1.3 Bn today. The sums will be disbursed today and will help bolster reserves and strengthen our economic outlook, Economic Affairs Minister Hammad Azhar tweeted. On Friday, the bank said it has approved a USD 300 million policy-based loan that will help Pakistan to address financial sustainability, governance, and energy infrastructure policy constraints in country s energy sector. Under the deal, the ADB will provide the loan to help stabilize the foreign exchange reserves of the country. Pakistan is facing a serious economic crisis with short supplies of foreign currency reserves and stagnating growth in recent years. The ADB loan comes just days after investment rating agency Moody s changed Pakistan s outlook from ...

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