Islamabad: The Asian Development Bank (ADB) on Tuesday announced that the economy of Pakistan has been displaying signs of stability in the existing fiscal year 2019-20, according to news sources.
In its Asian Development Outlook 2019 Supplement, ADB revealed that, for the first 3 months of FY 2019-20, the inflation rate in Pakistan averaged 10.1%, despite the modestly strengthening currency and stringent monetary policy.
ADB highlighted that the national economy is displaying signs of economic stabilisation in FY 2020, after the steep growth slowdown of the previous fiscal year. The bank report lowered its projection of growth in South Asia to 5.1% in 2019 and to 6.1 % in 2020.
In a related development, ADB also approved two loans of USD 1.3 billion, in order to support key reforms and improve the financial situation of the country.
The ADB also approved funds of USD 1 billion aimed at providing immediate budgetary support to help strengthen a slowing economy, as per the bank’s official statement. A policy-loan of USD 300 billion has also been approved by the ADB to support financial sustainability, development of energy infrastructure, and governance issues.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
