Pakistan is set to receive $2.75 billion in budget support from the Asian Development Bank (ADB) over the next four years. This financial assistance will consist of $800 million for the fiscal year 2024-2025, followed by annual support of $650 million in the subsequent three fiscal years.
The new funding comes in the wake of Pakistan’s recent $7 billion loan agreement with the International Monetary Fund (IMF), which has paved the way for increased financial backing from other international institutions.
The ADB’s commitment signals growing confidence in Pakistan’s economic recovery and financing prospects.
In addition to the ADB support, Pakistan has secured pledges of $3.2 billion from various international creditors, including a $1.2 billion loan facility from Saudi Arabia.This funding is crucial as the government, led by Prime Minister Shehbaz Sharif, navigates various economic challenges.
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The ADB has also been active in supporting infrastructure projects, such as a recent $320 million loan aimed at rehabilitating rural roads in Khyber Pakhtunkhwa, enhancing connectivity in areas prone to flooding.
As Pakistan continues to engage with global financial institutions, it aims to stabilize its economy and improve its fiscal health in the coming years.
