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ADB approves $10b lending plan

ADB approves $10b lending plan Initiative will support Pakistan’s efforts to deal with economic, social challenges In 2021, the ADB may approve $2.4 billion, followed by $1.5 billion in 2022 and $2.5 billion in 2023. PHOTO: FILE ISLAMABAD: The Asian Development Bank (ADB) on Wednesday approved a new five-year indicative lending programme of $10 billion aimed at supporting Pakistan’s efforts to deal with economic and social challenges thrown up by the pandemic and persistent structural weaknesses. The Manila-based lender will provide these loans from 2021 through 2025, including the $6.3 billion that it plans to approve in the next three years. However, the actual approval and disbursement of these loans will depend on Pakistan’s ability to meet conditions and timely process loan documents. About one-fourth of the total loans will be concessionary at around 2% interest rate and remaining loans will cost Islamabad the London Interbank Offered Rate (Libor) plus 0.5%.

ADB approves $10bln five-year loan programme for Pakistan

Business January 28, 2021 ISLAMABAD: The Asian Development Bank (ADB) on Wednesday announced a new five-year loan program, estimated at approximately $10 billion, for Pakistan to help in expanding economic opportunities in the country. The Manila-based lender said it endorsed a new 5-year country partnership strategy (CPS) to help restore economic stability and growth in Pakistan, enhance people’s wellbeing, create jobs, and expand economic opportunities as the country works to overcome the coronavirus disease (COVID-19) pandemic. The announcement came a day after the World Bank’s assurance about support to Pakistan’s priority development objectives under an estimated $12 billion loan program starting from the next fiscal year. The framework is nearing the completion stage and expected to have the final approval by May or June.

New Asian Development Bank 5-Year Partnership Strategy to Lift Pakistan s Growth, Resilience, and Competitiveness

New Asian Development Bank 5-Year Partnership Strategy to Lift Pakistan’s Growth, Resilience, and Competitiveness Manila, January 27, 2021 (PPI-OT): The Asian Development Bank (ADB) has endorsed a new 5-year country partnership strategy (CPS) to help restore economic stability and growth in Pakistan, enhance people’s well-being, create jobs, and expand economic opportunities as the country works to overcome the coronavirus disease (COVID-19) pandemic. The pandemic has interrupted the macroeconomic recovery in Pakistan, resulting in a sharp contraction in growth, a rise in public expenditures, and a loosening of monetary policy to mitigate the health and economic impacts. “As with many countries in the region, COVID-19 has affected Pakistan, revealing the extent to which the population is exposed to economic and social vulnerabilities,” said ADB Director General for Central and West Asia Eugene Zhukov. “The new CPS 2021-2025 will build greater resilience of the population

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