Explorer

Pak may get USD 6 billion loan from ADB over next three years

Islamabad [Pakistan], July 7 (ANI): After making an assessment of Pakistan's financing requirements for the period of 2018 to 2021, Asian Development Bank (ADB) Vice President Wencai Zhang has hinted that Islamabad could receive approximately USD six billion in new loans over the next three years, but added that this funding would be cleared only on basis of project readiness.

Zhang was quoted by the Express Tribune, as saying that the ADB would give roughly USD two billion per annum to Pakistan over the next three years.

Pakistan has made a demand for USD 2.5 billion per annum lending by the ADB, but all would depend upon projects readiness.

Wencai said cost overruns and delays in projects processing and executions were somehow affecting final disbursements to Pakistan from the ADB.

In fiscal 2016-17, the ADB handed over USD 1.8 billion for two projects to Pakistan which could not be processed.

He said Pakistan's short-term economic vulnerabilities have reduced and the country's economic outlook was positive, but maintained that it needs to build on gains by ensuring implementation of deep-rooted structural reforms.

During his visit, Wencai called on Finance Minister Ishaq Dar and was accompanied by ADB Country Director for Pakistan Xiaohong Yang.

The finance minister said that both the ADB and the Government of Pakistan must work together to further strengthen their relationship. (ANI)


This story has not been edited. It has been published as provided by ANI

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
Another Blow To Congress As I-T Dept Serves Rs 1,700-Crore Notice Ahead Of Lok Sabha Elections: Report
Another Blow To Congress As I-T Dept Serves Rs 1,700-Crore Notice Ahead Of Lok Sabha Elections
Sunita Kejriwal Launches WhatsApp Campaign To Drum Up Support For Jailed Delhi CM
Sunita Kejriwal Launches WhatsApp Campaign To Drum Up Support For Jailed Delhi CM
Advertisement
for smartphones
and tablets

Videos

Mukhtar Ansari Death: BJP MLA hits back at the opposition over gangster's demise, watch | ABP NewsMukhtar Ansari Death: Krishnanand Rai family's reaction and statement over gangster's demiseABP SHIKHAR SAMMELAN 2024: Rajnath Singh Over 'Raksha Sutra' Of Mission 400 | ABP NewsMukhtar Ansari Death: Gangster's Passing and Graveyard Arrangements, watch ground report | ABP News

Photogallery

Embed widget