ADB Approves A $ 300m Loan For Pakistan
Fida Hussnain (@fidahassanain) Published November 27, 2020 | 03:20 PM
The load has been approved to help Pakistan promote macroeconomic stability in Pakistan by facilitating improved trade competitiveness and export diversification.
MANILA: (UrduPoint/UrduPoint / Pakistan Point News-Nov 27th, 2020) The Asian Development Bank (ADB) has approved a $300 million policy-based loan to help promote macroeconomic stability in Pakistan by facilitating improved trade competitiveness and export diversification.
In a statement, ADB said that ADB Principal Public Management Specilist Hiranya Mukhopadhyay said that while COVID-19 hit Pakistan at a critical point in its macroeconomic recovery, the government’s ongoing efforts to ensure stability started showing encouraging results this fiscal year.
He said: “ “ADB’s program will support these efforts and help Pakistan to improve its export competitiveness—now more important than ever given the impacts of the pandemic,”.
ADB’s program will help Pakistan recover its current account deficit in a sustained manner and continue to facilitate export diversification. It will introduce important tariff- and tax-related policy reforms to help improve Pakistan’s international competitiveness and further strengthen key institutions, including accreditation bodies, the Export–Import Bank of Pakistan, and the Pakistan Single Window.
The new financing falls under Subprogram 2 of the Trade and Competitiveness Program.
Under the first phase, ADB helped the government usher in key reforms, including reducing or abolishing tariffs and ad hoc duties on a large number of raw materials and intermediate goods. Several steps were also taken to introduce e-commerce, strengthen key institutions involved in facilitating trade, and enhance the export certification process.
Since fiscal year 2004, Pakistan has registered a rise-and-fall pattern of export growth reflecting underperformance in its export industry and long-term decline in export competitiveness. This is compounded by lost export growth momentum from COVID-19, which has reduced high-income countries’ demand for manufacturing goods and disrupted the supply of raw materials.
ADB is coordinating its efforts with other development partners and donors while the program complements International Monetary Fund-led reform initiatives by helping to improve competitiveness, which will help build robust foreign exchange reserves.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
Related Topics
Recent Stories
Zhao Shirin calls on Punjab Industries Minister
Immunization campaign to protect children from deadly diseases in full swing
Action taken against officers not recovering 85% tax: Secretary
Haiti transitional council sworn in after months of violence
IHC adjourns cipher case hearing against PTI founder till April 20,
Ukrainian village battles mines year after Russia forced out
Collective efforts needed to curb terrorism: Barrister Saif
China's Shenzhou-18 mission takes off bound for space station
Police arrest 4 suspects, recovered phones, bikes
Thousands of flights scrapped as French air traffic controllers strike
WWB directed to identify board’s land for revenue generation
Poverty to be ended by establishing border markets: Balochistan Governor
More Stories From Business
-
Zhao Shirin calls on Punjab Industries Minister
7 minutes ago -
CEO APM Terminals calls on Finance Minister
12 minutes ago -
SACM visits GTVC checks attendance register
17 minutes ago -
CEO APM Terminals meets Commerce Minister
17 minutes ago -
RTO destroys huge quantity of non-duty paid cigarettes
54 minutes ago -
Pakistan's total liquid foreign reserves reach $ 13.28 billion
43 minutes ago
-
RDA inflows rise to $7.660 bn in March 24
43 minutes ago -
FPCCI welcomes direct flights between Pakistan-Azerbaijan
34 minutes ago -
Faysal Bank unveils strong financial results for the Q1’24
34 minutes ago -
US economic growth slows to 1.6% in first quarter
8 minutes ago -
Collaborative Care of Diabetes Centre inaugurated in Faisalabad
2 hours ago -
Kazakh envoy stresses quantum jump in bilateral trade
2 hours ago