Islamabad: The Asian Development Bank (ADB) recently linked Pakistan’s economic growth prospects with the formal implementation of reforms under the ongoing International Monetary Fund (IMF) package agreement – a news source reported. These measures are aimed at improving the country’s fiscal consolidation and economic stability.
According to Pakistan’s factsheet by the lender, the ADB underscored the need for Pakistan to broaden its tax base, improve the business environment, and introduce reforms that lead to greater exports. It also called for the need to expand social spending, further develop the energy sector, and for the overall improvement in its institutions.
The report added that the ADB would continue to support Pakistan through its country operations business plan 2020-22. Under the programme, the bank had approved a USD 7.1 billion fund for Pakistan that included loans to support various development projects. In addition, the package also contained reforms and financing facilities for the energy, transport, and water sectors — among other urban amenities and infrastructure schemes.
Reportedly, the ADB’s operations focus on developing effective and efficient transport and infrastructure, improving secondary education, enhancing technology-based agriculture, and developing the energy sector.
