Lahore: The Asian Development Bank (ADB) may offer Pakistan USD 1 billion in budgetary support, a news source reported. The said transnational authority has decided to lend budgetary support to the country subject to the approval of an International Monetary Fund (IMF) programme, which is currently under talks.
ADB President Takehiko Nakao was speaking at a news conference held after the 52nd Annual Meeting of the bank’s Board of Governors.
He said that Pakistan had requested ADB for a budgetary support bailout package worth USD 1 billion in addition to its IMF programme. He added that the bank is awaiting a fruitful resolution of the ongoing discussions over the IMF programme, so it can approve the said funds. He said that the ADB would also be willing to approve other policy loans in case the IMF programme comes through.
The ADB president revealed that through the provision of these funds packages, Pakistan had a good opportunity to boost its democratic stability; which is required for economic growth.
