Pakistan, ADB sign $300m ‘Subprogram II’ loan
Source Xinhua, Dawn, Arab News, Anadolu and Minute Mirror
The government of Pakistan and Asian Development Bank (ADB) on Wednesday signed a $300 million loan agreement for the “Improved Resource Mobilization and Utilization Reform Programme (Subprogramme-II)”.
Dr Kazim Niaz, secretary of the Economic Affairs Division, and Emma Fan, country director Pakistan Resident Mission, ADB signed the loan agreement.
The ceremony was attended by senior officials from the government of Pakistan and ADB. The signing of the agreement underscores Pakistan’s commitment to prioritise macroeconomic stabilisation and fiscal consolidation through enhanced domestic resource mobilisation, the division said.
ADB approves $800m financing for Pakistan
This programme is designed in a programmatic mode and aims to introduce structural reforms in trade, revenue generation and capital market development. A Policy Based Guarantee (PBG) of $500 million is also associated with this policy-based loan (PBL), backed by a sovereign counter-guarantee and indemnity to raise commercial financing of $1 billion.
The total financing package of $800 million will significantly contribute to Pakistan’s ongoing macroeconomic recovery and stabilisation efforts.
Reference Link:- https://www.brecorder.com/news/40366576/illicit-trade-smuggling-moc-says-it-doesnt-maintain-any-related-data
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
