ADB approves $500 million loan for Pakistan

Photo: AFP

The Asian Development Bank approved on Wednesday a $500 million loan for Pakistan.

The money is to support and improve the country’s trade competitiveness and exports.

It will also help defend Pakistan against external shocks and help finance the country’s trade deficit.

Pakistan recently entered into a three-year loan programme with the International Monetary Fund. The IMF will be giving Pakistan $6 billion over the next three years. It has already dispatched the first $1 billion.

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