Pakistan, ADB discuss uplift initiatives

In Business
March 28, 2024



ISLAMABAD:

Pakistan and the Asian Development Bank (ADB) on Thursday discussed ongoing collaboration between the two sides in diverse areas and the future initiatives to be undertaken for economic development in the country that needs to progress rapidly to prop up the weakening economy and create jobs for the bulging workforce.

ADB Country Director Young Ye met Minister of Finance and Revenue Muhammad Aurangzeb at the Finance Division where cooperation and future measures came up for discussion.

The country director congratulated the finance minister for reaching a staff-level agreement with the IMF-SBA under the $3 billion and stated that the market had positively responded to the development.

This agreement will lead to the release of the last loan tranche of $1.1 billion for Pakistan in March or April, following approval from the IMF’s executive board.

During the meeting, the finance minister expressed his appreciation for the support provided by the ADB over decades. He particularly highlighted the bank’s assistance through the Policy Based Lending facility to mitigate the impact of the Covid-19 pandemic and floods.

Published in The Express Tribune, March 22nd, 2024.

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