Pakistan Will Get Support of the Asian Development Bank (ADB) of over $1.5 billion in the current calendar year in regards to the balance of payment once the International Monetary Fund (IMF) Extended Fund Facility (EFF) programme restores.
According to sources, the government had requested the bank in June 2022 to expedite the approval process and subsequent disbursement of around $2 billion to support the balance of payment. The matter was also raised in a call on the meeting of the Country Director of Asian Development Bank, Yong Ye, with the Federal Minister for Economic Affairs, Sardar Ayaz Sadiq.
Sadiq apprised the ADB that owing to soaring prices of commodities and energy across the globe, there is a high need for early approval of the Counter-Cyclical Facility. Sources revealed that ADB hinted at the release of funds to Pakistan before December this year.
Sources further revealed that ADB has a current portfolio of around $8.5 billion and 40 ongoing projects. During the meeting, concerns were expressed about slow-moving projects, including Karachi Bus Rapid Transit (BRT) and Public-Private Partnerships in Punjab. Both sides agreed to hold a detailed meeting to review all projects, with a special focus on slow-moving projects, in the next ten days.
