The Asian Development Bank (ADB) is expected to give an additional $2.5 billion in financial support to Pakistan in the fiscal year 2022-2023 as the government pursues assistance to overcome an expanding balance of payments crisis.
According to a government statement, $1.5-2 billion could be made available during the ongoing calendar year.
ADB Country Director Yong Ye hinted at the funding plan at a meeting with Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha.
Officials said the ADB had promised $10 billion in loans for Pakistan under the Country Partnership Strategy (CPS) for 2021 to 2025, predicting a loan of $2.5 billion on an annual basis.
Pakistan urgently requires further funding via program loans to ward off its balance of payment difficulties. The latest CPS will continue to be implemented till 2025.
According to the official statement, Minister Pasha welcomed the ADB team acknowledging that ADB had always helped Pakistan in achievement of its reform and development agenda.
She acknowledged the trusted partnership between ADB and Pakistan, especially in the sectors of energy, education, and fiscal and debt management.
Additionally, she said that currently, Pakistan was experiencing various fiscal and monetary challenges but the present government was intensely working on various structural reforms to bring the economy back on the path to inclusive and sustainable growth.