ADB to provide $500m loan for Pakistan

ISLAMABAD: Asian Development Bank (ADB) will provide $500 million loan to Pakistan which will be spent on environmental and natural disaster protection programs.

Finance Minister Muhammad Aurangzeb with ADB President Masatsugu Asakawa. During the meeting, Asakawa indicated the provision of $500 million in loans and emphasized ADB’s commitment to supporting Pakistan’s development efforts.

According to the Ministry of Finance, the Asian Development Bank will give a loan of 500 million dollars to Pakistan, the money will be spent on environmental and natural disaster protection programs.

The Finance Minister thanked ADB for its support in approving the Policy Baseline and hoped for the early completion of ADB’s Country Partnership Framework.

According to the Ministry of Finance, the Finance Minister welcomed the opening of ADB’s new office in Islamabad, while the parties agreed on the need for increased domestic revenue and regional

On the other hand, Finance Minister Aurangzeb met with representatives from Moody’s Credit Rating Agency and the US Export-Import Bank (EXIM) in Washington. The minister thanked Moody’s for recently upgrading Pakistan’s credit rating to CAA2.

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The two sides discussed debt sustainability and monetary policy in the meeting, which was also briefed on dealing with external vulnerabilities, foreign exchange reserves and fiscal discipline. They also talked about revenue situation, government capacity and the strength of financial markets. cooperation.