Business

ADB announces $7.1bn financial package for Pakistan

The Asian Development Bank (ADB) Sunday announced a $7.1-billion financial package for Pakistan, saying it would help the country “achieve inclusive and sustainable growth” over the next three years.
“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.
“Along with its continued focus on energy, infrastructure development, and institutional reforms, ADB is also re-engaging in education and health, and social safety net through income support programme.”
Zhang said the financial package was planned under a country partnership strategy for 2018-2020. He also appreciated the Pakistan Tehreek-e-Insaf (PTI) government’s 100 Days Agenda.
Zhang had met a high-level delegation including Finance Minister Asad Umar, Planning Minister Khusro Bakhtiar, Education Minister Shafqat Mehmood, and Adviser to Prime Minister on Institutional Reforms Dr Ishrat Hussain during his two-day visit to Pakistan.
In his meetings, Zhang congratulated the PTI government on assuming office and noted the government’s 100 Days Agenda that prioritises revitalising economic growth, transforming governance and revolutionizing social services, said a statement issued by ADB on Friday.
“ADB and Pakistan have a more than 50-year history of strong partnership,” said Zhang. “We are committed to deepening our cooperation with the new government and supporting its development agenda to bring prosperity to the people of Pakistan.”