The Asian Development Bank (ADB) on Tuesday said Pakistan is moving towards economic stability and the economy will perform better during the ongoing fiscal year 2019-20.
The ADB, in its Asian Development Outlook 2019 Supplement, said that inflation in Pakistan for the first three months of the ongoing fiscal year averaged 10.1 per cent despite “tight monetary policy and modestly strengthening currency”.
The bank also highlighted that after a “steep growth slowdown” in Pakistan the previous fiscal year, “signs of economic stabilisation” were being seen in fiscal year 2020.
The bank, in the report, lowered its projection of growth in South Asia to 5.1 per cent in 2019 and 6.1 per cent in 2020.
Minister for Economic Affairs also had a meeting with DG Werner Liepach today in Islamabad discussed ADB’s portfolio, and enhanced support the public and private sector financing for key and emerging sectors.
#Pakistan's Economic Affairs Minister @Hammad_Azhar and #ADB DG Werner Liepach today in Islamabad discussed ADB's portfolio, and enhanced support thr public and private sector financing for key and emerging sectors incl #SMEs, #tourism and #ICT. #Pakistan #SMEs @FinMinistryPak pic.twitter.com/DRkrgdLvkl
— ADBPakistan (@PakistanADB) December 11, 2019
According to a statement released by the Power Division, “ADB remains top energy sector partner with $2.1 billion portfolio with $300 million released this week for sector reform including addressing the circular debt.”
During the meeting, projects funded by ADB in the energy sector were discussed and it was decided that a “comprehensive review meeting” be held at the end of the month between the Power Division and ADB “to steer the projects to their logical culmination”.
Earlier on Monday, The State Bank of Pakistan (SBP) has received $1.2 billion from the Asian Development Bank (ADB) under the budget support fund.
According to the details, SBP on its official twitter handle confirmed the transfer of the loan amount to Pakistan.
— SBP (@StateBank_Pak) December 9, 2019
Asian Development Bank predicts Asia’s GDP growth rate to decline, says Asia’s GDP growth rate will be 5.2 percent in year 2019 and 2020.