ADB approves $500 mln loan to support economic reforms

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ISLAMABAD, Aug 7 (APP):The Asian Development Bank (ADB) Wednesday approved a $500 million policy-based loan to support the government’s reforms to improve trade competitiveness and exports as a defense against external shocks and to help finance the country’s trade deficit.

ADB also approved a $750,000 technical assistance package to support the preparation and implementation of the program, said a press statement of the bank.

“ADB has a 53-year history of strong partnership with Pakistan and we are pleased to be in a position to provide this important support for the country’s economic reform program,” said ADB Vice-President Shixin Chen.

“The Trade and Competitiveness Program focuses on addressing structural issues obstructing Pakistan’s export competitiveness through reforms in the areas of tax and tariff rationalization, as well as institutional strengthening,” Chen added.
He said that, ADB was committed to providing wide-ranging support to strengthen Pakistan’s economy and reduce the risk of external economic shocks.