Pakistan to get $3.4 billion in budgetary support from Asian Development Bank

Pakistan will receive $3.4 billion in budgetary support from the Asian Development Bank (ABD), Adviser to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh said, as the government seeks help to overcome a ballooning balance of payments crisis.

"The ADB will provide USD 3.4 billion in budgetary support," Shaikh said in a statement published by the Pakistani media on Sunday, pointing out that USD 2.2 billion of this amount, which will help the reserve position and external account, will be released during the first quarter of the new 2019-2020 fiscal year starting next July.

Last month, Pakistan reached an accord in principle with the International Monetary Fund (IMF) on a three-year bailout package worth $6 billion, aimed at strengthening the country's slowing economy.

Source: International Islamic News Agency