ADB to give $3.4 billion in budgetary support: Shaikh

0 159

ISLAMABAD: The Asian Development Bank is keen to provide balance of payment financing to support Pakistan’s structural reform agenda.

ADB Director General Werner Leipach and Country Director ADB, Ms Xiaohong Yang called on Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, Dr Abdul Hafeez Shaikh, on Saturday and discussed matters relating to ADB’s upcoming operations in Pakistan, a government press release said.

The Director General briefed the Adviser that in addition to strong project portfolio, the Bank is also keen to provide balance of payment financing to support Government of Pakistan’s structural reform agenda.

This budgetary support is estimated to be about dollars 2 billion in the fiscal year 2020 and will broadly cover such policy reform areas as trade competitiveness, energy sector and capital markets development.

The Adviser thanked the visiting Director General for strong support and reiterated Government’s commitment to undertake the much-needed reforms to achieve stability and economic turnaround.

Separately, Dr Abdul Hafeez Shaikh took to Twitter to announce the ADB’s support.

“ADB to give $3.4 billion in budgetary support. I had a meeting with Mr. Werner Liepach, DG ADB today to agree on the #ADB program. The ADB will provide $3.4 billion in budgetary support to help with reforms and stabilization of the #economy,” Shaikh tweeted.

“$2.2 billion will be released this fiscal year, starting in the first quarter of FY 2019-20. This will help the #revenue and the external account position.”

“This support is in addition to the project portfolio with an estimated disbursement of upto $1 billion in the coming years. I appreciate the commitment of the ADB to our #economic reform agenda.”