Islamabad: The Asian Infrastructure and Investment Bank (AIIB) has decided to consider Pakistan’s request to enhance financial support to USD 1 billion for the fiscal year 2022-23 (FY-23), news sources reported.
Reportedly, during a meeting with the AIIB team led by its Director General (DG) Investment Supee Teravaninthom, Finance Minister Miftah Ismail stressed that the government needed additional financial help to fulfil the fiscal objectives and balance of payment concerns. The minister said that the recent floods and the higher-than-expected external pressure on the economy require more financing to meet the target numbers.
On the occasion, Director General (DG) Teravaninthom said that the matter of more funds will be picked up in the upcoming board meeting, and the final decision will be conveyed to the government.
It is important to note that the government is expected to receive USD 500 million in budgetary support and 250 million in funding for the Resilient Institutions for Sustainable Economy (RISE) and Programme for Affordable Clean Energy (PACE) programs. Both projects are expected to lower pressure on the foreign exchange reserves (FOREX), which is under extreme pressure due to external and internal macroeconomic changes.
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