KARACHI: The Asian Development Bank (ADB) has approved an emergency loan of $1 billion for Pakistan on Friday. The loan has been granted to finance and help the energy sector of the country.
The quick dispersing loan is part of a multi-donor economic reform programme spearheaded by the International Monetary Fund (IMF) to stablize the economy which crumbled mid-2018, the ADP statement read.
The loan was approved after the government implemented a series of reforms and actions, supported by IMF, to improve the country’s “current account deficit, strengthen its revenue base, and protect the poor against the social impact of the economic crisis”.
It is pertinent to mention here, that ADP has already granted a $1 billion loan for budget support.