{"id":15653,"date":"2022-06-16T08:49:03","date_gmt":"2022-06-16T08:49:03","guid":{"rendered":"https:\/\/pakistanintheworld.pk\/live\/?p=15653"},"modified":"2022-06-16T08:54:25","modified_gmt":"2022-06-16T08:54:25","slug":"adbs-support-to-pakistan-amounting-to-us-2-5-billion-in-fy-2022-23-us-1-3-billion-received","status":"publish","type":"post","link":"https:\/\/pakistanintheworld.pk\/live\/adbs-support-to-pakistan-amounting-to-us-2-5-billion-in-fy-2022-23-us-1-3-billion-received\/","title":{"rendered":"ADB\u2019s support to Pakistan amounting to US$ 2.5 Billion in FY 2022-23 , US$ 1.3 Billion Received"},"content":{"rendered":"
\"\"Islamabad: Pakistan received $1.3 billion in loan from Manila-based Asian Development Bank (ADB), shoring up the country foreign currency reserves which had apparently shaken up following Islamabad made a notable foreign debt repayment last week.<\/span><\/strong><\/em><\/h5>\n
“SBP has received $1.3 bn from Asian Development Bank (ADB),” State Bank of Pakistan (SBP) reported on Tuesday.<\/span><\/h5>\n
Earlier, Pakistan successfully made a foreign debt repayment of over $1 billion (including principal amount and interest money) against maturing a five-year Sukuk on December 2. The Islamic\/Shariah-compliant bond was issued in December 2014 at a rate of return of 6.75% per year.<\/h5>\n
The central bank’s next weekly update on the reserves position scheduled for Thursday (December 12) is going to record the outflow. The reserves may, however, exactly not reflect the amount of over $1 billion paid in Sukuk considering accounting-in other inflows and outflows during the week ended December 6.<\/h5>\n
Asian Development Bank\u2019s Director General for Central and West Asia Department (CWRD), Mr. Eugene Zhukov called on Minister for Economic Affairs Sardar Ayaz Sadiq and apprised the Minister about ADB\u2019s support to the Government of Pakistan amounting to US$ 2.5 Billion in FY 2022-23.<\/strong> <\/em><\/h5>\n
These include a Countercyclical Finance Facility of US$ 1.5 Billion to Pakistan for undertaking fiscal stimulus for growth in the form of countercyclical development expenditure, US$ 400 Million in Energy Reforms and Financial Sustainability Program, US$ 100 Million under Women Inclusive Finance Sectoral Development Program, US$ 250 Million under PPP support program and another US$ 250 Million Domestic Resource Mobilization Program.<\/h5>\n
Minister for Economic Affairs warmly welcomed the ADB\u2019s Director General and appreciated ADB\u2019s long standing and trusted partnership and generous and timely support of over US $2.5 billion (including budgetary support of US$ 600 million) in FY 2021-22.<\/h5>\n
He urged the ADB Director General to also extend support in conducting a feasibility study on shifting Government offices, schools, colleges and hospitals in Islamabad to solar power.
\nThe honorable Minister also highlighted the need of ADB\u2019s support to strengthen the private sector which is the engine of economic stability of any country.<\/h5>\n
Director General invited the Minister for 55th Annual meeting of Board of Governors of Asian Development Bank scheduled to be held from 26-30 September to be held in Manila, Philippines which was graciously accepted by the Minister.<\/h5>\n
Asian Development Bank\u2019s director general Central and West Asia department ,Mr.Eugenue Zhukov and Country Director Mr. Yong Ye called on Federal Minister for Power Engr. Khurram Dastgir Khan and Minister of state Hashim Notezai here today.<\/h5>\n
Appreciating ADB\u2019s support in development energy sector of Pakistan, Engr. Khurram Dastgir Khan said Pakistan values its partnership with the ADB and other financial institutions. Both from policy and project size, energy is the biggest sector for Government of Pakistan.<\/h5>\n
Engr. Khurram Dastgir Khan conveyed the commitment of the government with respect to reforms in energy sector and underscored the resolve to continue structural reforms. He further stressed that government envisions to replace energy production capacity from imported fuel to indigenous resources, increase generation from solar and wind, and exploitation of domestic coal.<\/em><\/strong><\/h5>\n
This will not only improve country\u2019s balance of payments but also in the medium term will bring down the cost of electricity. Government is working to recover pending receivables and manage the circular debt.<\/h5>\n
ADB appreciated Hashim Notezai\u2019s proposal of off grid solar solutions for Baluchistan and will work together to chalk out possibilities. Further, ADB will carry out pre-feasibility study for conversion of carbon intensive power plants to less carbon intensive ones. ADB will be investing around one billion dollars in transmission in the next two years.<\/h5>\n
Director General appreciated the minister\u2019s vision for the sector and expressed his high hopes for continuity of reform momentum.<\/h5>\n","protected":false},"excerpt":{"rendered":"

Islamabad: Pakistan received $1.3 billion in loan from Manila-based Asian Development Bank (ADB), shoring up the country foreign currency reserves which had apparently shaken up following Islamabad made a notable foreign debt repayment last week. “SBP has received $1.3 bn from Asian Development Bank (ADB),” State Bank of Pakistan (SBP) reported on Tuesday. Earlier, Pakistan […]<\/p>\n","protected":false},"author":1,"featured_media":15655,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[1908,48],"_links":{"self":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts\/15653"}],"collection":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/comments?post=15653"}],"version-history":[{"count":3,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts\/15653\/revisions"}],"predecessor-version":[{"id":15658,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts\/15653\/revisions\/15658"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/media\/15655"}],"wp:attachment":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/media?parent=15653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/categories?post=15653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/tags?post=15653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}