Asian Development Bank to give $1.7 billion loan to Pakistan

ISLAMABAD, Pakistan: The Asian Development Bank (ADB) has assured to give Pakistan a loan worth US$ 1.7 billion to help it fight against the Coronavirus (COVID-19).


The assurance was given when the Federal Minister for Economic Affairs Khusro Bakhtiar held a virtual meeting with the President ADB Masatsugu Asakawa on Friday.

The ADB will approve US$ 800 million as budget support for Pakistan by June 2020 while the next tranche worth US$ 900 million will be provided by December 2020.

The amount will be given to Pakistan under the budget support on special discounts.

Khusro Bakhtiar thanked the Asian Development Bank president for extending the financial cooperation to Pakistan.

Earlier on April 22, the State Bank of Pakistan received US$ 1.39 billion under the Rapid Financing Instrument by the International Monetary Fund (IMF).

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