The Asian Development Bank (ADB) is likely to provide Pakistan additional support of $2.5 billion during next fiscal year.
This was indicated during the meeting between Minister of State for Finance and Revenue Dr Aisha Ghous Pasha and ADB Country Director Yong Ye.
ADB director along with his team called on Dr Ghous at Finance Division in Islamabad on Thursday.
Out of the total $2.5 billion, Pakistan is expected to get up to $2 billion by the end of 2022.
This would greatly help Pakistan’s economy which is seeing depleting foreign exchange reserves and widening trade deficit.
According to the statistics issued by the State Bank of Pakistan on Thursday, total liquid foreign reserves held by the country stood at $ 16,375.7 million as of 06-May-2022. Of these, total reserves held by the State Bank of Pakistan stands at $10.3 billion.
The minister acknowledged that ADB has always assisted in pursuance of reform and development agenda in the country. She acknowledged the all-weather and trusted partnership of ADB with Pakistan especially in the areas of energy, education, and fiscal & debt management.
Dr Ghous admitted that Pakistan is currently facing various fiscal and monetary challenges. She claimed that PML-N led coalition government is keenly working on various structural reform measures to bring back the economy on an inclusive and sustainable growth path.
ADB director briefed the minister on ADB’s portfolio and the country strategy.
Yong Ye shared that ADB is devoted for providing the support for reform agenda of State-Owned Enterprises governance and regulations, women inclusive finance sector development and Public Private Partnership frameworks.