ADB concedes 22pc of loan projects in Pakistan facing risks
Business
April 28, 2021
ISLAMABAD: Amid decreasing disbursements from $2.28 billion in 2019 to $1.7 billion in 2020 for Pakistan, the Asian Development Bank (ADB) has conceded that almost 22 percent of its existing portfolio of 46 ongoing projects are categorised for facing risks.
The ADB also provided $500 million financial support to Pakistan for pandemic response. According to the annual report released on Tuesday, the Manila based financial institution dwelt upon regarding operational challenges in Pakistan and stated that the COVID-19 pandemic continues to pose a major health care and economic challenge to Pakistan.
Continued efforts toward fiscal consolidation and policy reforms will be key to sustaining improvements in macroeconomic stability, especially in broadening the tax base and improving the business environment. Furthermore, reforms are required to promote high value-added exports, expand social spendin
ADB concedes 22pc of loan projects in Pakistan facing risks
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The Ministry of Finance and ADB Sign a $1 Million Grant to Support Flood Responses and Recovery Project
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MANILA, PHILIPPINES (16 April 2021) The Government of Timor-Leste and the Asian Development Bank (ADB) have signed a $1 million grant agreement to support immediate relief efforts in the aftermath of tropical cyclone Seroja, which caused flooding and landslides in the capital Dili and surrounding low-lying areas.
The grant, financed by the Asia Pacific Disaster Response Fund, will support the government’s efforts to restore life-saving services, such as conducting damage assessment to coordinate crisis response and disaster recovery, providing conditional transfers to Dili residents, and rehabilitating basic community infrastructure.
“The cyclone has put enormous pressure on the country amid the coronavirus disease (COVID-19) pandemic,” said ADB’s Country Director for Timor-Leste Sunil Mitra. “ADB will work with development partners to support the government’s disaster relief efforts to help people affected by the floods and mudslides.”
ADB approves $450 M loan to help Indonesia deliver effective COVID-19 vaccines
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