ADB approves $800m financial package for Pakistan

ISLAMABAD: The Asian Development Bank (ADB) on Tuesday approved an $800 million program to strengthen fiscal sustainability and improve public financial management in Pakistan.

According to an official statement by the ADB, the funding has been granted in recognition of Pakistan’s significant progress in improving its macroeconomic conditions.

The approved amount aims to support the country in achieving stronger fiscal sustainability and economic resilience.

The ADB, in its official statement, said that the newly approved $800 million program is aimed at supporting the Government of Pakistan’s commitment to further policy and institutional reforms. The initiative is designed to strengthen public finances and promote sustainable development.

According to the statement, the program is expected to help reduce fiscal deficits and public debt, while creating greater fiscal space for developmental and social sector spending.

Pakistan is a founding member of ADB. Since 1966, ADB has committed more than $52 billion in public and private sector loans, grants, and other forms of financing to promote inclusive economic growth and improve the country’s infrastructure, energy and food security, transport networks, and social services.