Pakistan, ADB signs agreement for $200million loan
ISLAMABAD: The government of Pakistan on Tuesday signed an agreement with the Asian Development Bank (ADB) for a $200million loan for the uplift of the power sector. The agreement was signed by the Secretary Economic Affairs Division, Dr. Kazim Niaz, and the Deputy Country Director ADB, Asad Aleem, the press
ADB approves $330 Million loan for social protection in Pakistan
ISLAMABAD: Islamabad has signed a loan agreement with the Asian Development Bank (ADB), under which Pakistan will be awarded the Integrated Social Protection Development Program (ISPDP) additional financing amounting to $330 million. “This program builds on the ongoing ADB-funded program for strengthening and expanding social protection systems in Pakistan through
State bank’s forex reserves rise to $12.05 billion
KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves recorded a modest increase of $13 million during the week ending December 6, reaching $12.05 billion, according to data released on Thursday. The nation’s total liquid foreign reserves now stand at $16.60 billion, comprising $4.55 billion held by commercial banks.
Pakistan receives $500 million ADB loan to tackle climate change crisis
ISLAMABAD: The State Bank of Pakistan has received a $500 million loan from the Asian Development Bank, a statement said. According to SBP, this amount will be added to the foreign exchange hold next week. “This amount is being given by the ADB to deal with the effects of climate
Remittances crucial for Pakistan’s economy: ADB report
The Asian Development Bank (ADB) has recognized remittances as a critical potential pillar for Pakistan’s economy. Moreover, a recent ADB blog report highlights that remittances have become an essential part of Pakistan’s economy, accounting for 10% of the GDP. In addition, the report indicates that remittances to Pakistan surged by
Up to 70% of Pakistan’s population does not pay electricity bills: ADB
According to the Asian Development Bank (ADB), up to 70 percent of Pakistan’s serviced population does not pay their electricity bills. This non-payment is attributed to both financial constraints and widespread inefficiencies and irregularities in billing and collection. The Asian Development Bank’s report, “Pakistan National Urban Assessment,” highlights that Pakistan’s
What happened during the talks between Pakistan and the IMF?
Pakistan and the International Monetary Fund (IMF) are in ongoing discussions regarding a new bailout package to address economic challenges. Sources familiar with the negotiations revealed that both the sides exchanged views to meet the financial needs for the upcoming fiscal year. According to sources, Pakistan discussed the initial estimates