Islamabad: The Asian Development Bank (ADB) has decided to provide technical assistance worth USD 0.9 million to Pakistan in order to increase debt sustainability and transparency, according to news published on August 17.
As per the details, the technical assistance will be funded on a grant basis by the ADB’s Technical Assistance Special Fund (TASF 7). The government will be providing counterpart support such as office accommodation, counterpart staff, secretarial assistance, and domestic transportation.
Reportedly, the proposed technical assistance will help increase debt sustainability and transparency in the country’s borrowing practices. The technical assistance will help strengthen fiscal risk management practices, public debt recording, management, and reporting, and implement Sustainable Development Finance Policy (SDFP).
Moreover, the ADB assessed that the public debt of Pakistan was sustainable. It was mentioned that the ADB’s support for debt sustainability will be strengthened by alignment with the SDFP principles of the International Development Association (IDA). Debt stability, being one of the pillars of SDFP, help countries create additional incentives to move towards sustainable development financing.
Furthermore, the ADB has promoted policy reforms that help alleviate the negative impacts of debt accumulation via improved macro-fiscal policy frameworks, strengthened institute capacity for debt management, strengthened domestic resource mobilisation, and more efficient spending of scarce fiscal resources through improved public financial management systems.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
