The terrorist country Pakistan has suffered a major loss after a hit from India under Operation Sindoor. He has been begging for all the doors of help with his bag. The bowl of begging and Pakistan are synonymous with each other. Under this, Pakistan reached the countries of the world to beg in the name of assistance. The Asian Development Bank (ADB) has approved a financial package of USD 800 million for Pakistan with a view to increasing fiscal stability and strengthening public financial management. India had strongly objected to any assistance to Pakistan due to the history of funding terrorism.
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Khurram Shahzad, advisor to the Finance Minister, confirmed this development through a statement on social media. He said the package included a policy-based loan (PBL) of USD 300 million and a program-based guarantee (PBG) of 500 million USD. He said that ADB has approved the funding package of US $ 800 million for Pakistan under the resource -raising correction program (sub -program -II) – $ 300 million PBL + $ 500 million PBG. Diplomacy, led by the Ministry of Economic Affairs and Finance, gained majority support in the ADB Board.
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In a separate statement, the Philippines -based lender has also confirmed the latest development. The package includes a policy-based loan of US $ 300 million and ADB’s first policy-based guarantee up to US $ 500 million. The bank said that this guarantee is expected to raise additional funding from commercial banks up to US $ 1 billion, which will increase reaching Pakistan’s exterior funds and help to stabilize its economy. For Pakistan, ADB Country Director Emma Fan said that Pakistan has made significant progress in improving comprehensive economic conditions. The program supports the government’s policy and commitment to institutional reforms that will strengthen public finance and promote sustainable development. The program supports far -reaching reforms to improve tax policy, administration and compliance, increasing public expenditure and cash management.
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Earlier in May, the IMF approved immediate distribution of about 1 billion US dollars under the ongoing Employment Facility (EFF) program to Pakistan. The decision was taken after reviewing Pakistan’s economic reform progress by the Washington -based lender, causing the total distribution to US $ 2.1 billion under the EFF system. IMF approval is the first installment under the current three -year -old, US $ 7 billion EFF system, which was originally agreed in July last year. The purpose of this program is to stabilize Pakistan’s struggling economy through tax policy adjustment, improvement in energy sector and measures to improve private sector growth.
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