Asian Development Bank to give Pakistan $7.1bn

The Asian Development Bank (ADB) will provide $7.1bn to Pakistan to allow the country achieve inclusive and sustainable growth, said the financial institute's senior official.

“ADB plans to significantly increase the country’s sovereign operations to $7.1bn over three years,” Wencai Zhang, vice president of the Manila-based lender, said in a statement. As per reports, the financial package was planned under three-year Country Partnership Strategy for 2018-2020.

The ADB also voiced their support for the government’s new development and reform agenda during Zhang’s two-day visit to Pakistan from October 4 to October 5.

ADB set to provide #Pakistan US$7.1 billion for #inclusivegrowth https://t.co/h5J7Qfd8x4 pic.twitter.com/CMlmE9afcB

— AsianDevelopmentBank (@ADB_HQ) October 7, 2018

During the visit, ADB vice president met with a high level delegation. It included Finance Minister Asad Umar, Planning and Development Minister Khusro Bakhtiar, Education Minister Shafqat Mehmood, Adviser to Prime Minister on Institutional Reforms Ishrat Husain, as well as other government officials and development partners.

Zhang applauded the Pakistan Tehreek-e-Insaaf government’s 100-day agenda that prioritises revitalising economic growth, transforming governance and revolutionising social services.

He said that ADB is eager to support Pakistan in developing economic corridors within the framework of Carec and ADB’s Strategy 2030 ahead of the Carec Ministerial Conference in Ashgabat, Turkmenistan in November.

“ADB will help Pakistan upgrade its transport networks and trade facilitation with neighbouring countries and transform the physical connectivity gains into economic gains through the promotion and development of economic corridors and special economic zones,” he said.