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Pakistan Financial Crisis: Asian Development Bank Approves $1 Billion Emergency Loan To Support Crumbling Economy
The ADB headquarters in Manila
The Asian Development Bank (ADB) has approved an emergency loan of $1 billion for Pakistan to provide immediate support to the country's finances and help strengthen a slumping economy, according to a statement issued on Friday (6 December).
The quick dispersing loan is part of a multi-donor economic reform programme spearheaded by the International Monetary Fund (IMF) to stablise the country's economy which crumbled mid-2018, Dawn news reported citing the statement as saying.
The loan was approved after the Pakistan government implemented a series of reforms and actions, supported by IMF, to improve the country's "current account deficit, strengthen its revenue base, and protect the poor against the social impact of the economic crisis".
Commenting on the loan, ADB Director General for Central and West Asia Werner Liepach maintained that the bank was committed to providing Pakistan support so that it may strengthen its economy.
The development comes after the ADB in September reaffirmed that the country's economy is expected to grow slower than last year, with GDP growth projected at 2.8 per cent in the fiscal year 2020.
It highlighted that rising inflation was "mainly reflecting currency depreciation and a considerable increase in domestic fuel prices".
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
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