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Pakistan to receive $2.75b in budget support from ADB

Islamabad (TDI): Pakistan is expected to receive $2.75 billion in budget support from the Asian Development Bank (ADB) over the next four years, with an initial disbursement of $800 million anticipated in FY 2024-2025, a report said.

In addition, annual funding of $650 million is expected for fiscal years 2025-26 through 2027-28.

The recent $7 billion IMF loan approval has renewed confidence among international financial institutions, paving way for additional funding to the country.

Read More: Pakistan, ADB Discuss Strategic Development Plans

Other foreign financiers or lenders, including the Saudi Oil Facility and Dubai Islamic Bank, have pledged $3.2 billion in loans for Pakistan, easing the government’s financial challenges.

The ADB has already approved a $320 million loan for the Khyber Pakhtunkhwa Rural Roads Development Project, aimed at improving connectivity in rural flood-hit areas.

This boost comes amid Pakistan’s intensified efforts to secure international financing, reinforcing positive market sentiment and the prospect of sustainable economic growth, according to Pakistan Today’s Profit Magazine.

Also Read: Aurangzeb lauds ADB partnership with Pakistan for development

The Asian Development Bank (ADB) is set to provide Pakistan with a loan of $500 million to support its environmental and disaster resilience programme, daily The Express Tribune reported last week.

It has also committed committed over $41 billion in loans, grants, and technical assistance to Pakistan.

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