The Asian Development Bank is all set to give $3.4 billion in budgetary support to Pakistan, according to Federal Minister for Planning and Development Makhdum Khusro Bakhtyar.
Addressing a press conference in Islamabad on Saturday, Bakhtyar said the finance ministry had entered into an agreement with the ADB for budgetary support.
The agreement was finalised between Pakistan and ADB after Finance Adviser Dr Abdul Hafeez Shaikh’s meeting with ADB Director-General Werner Liepach in Islamabad on Saturday.
The first installment of the funds will be released in the first quarter of this fiscal year, Radio Pakistan reported Bakhtyar as saying. It will be an amount of $2.2 billion.
The government has been able to secure a series of aid packages from friendly countries, such as China, UAE and Saudi Arabia in recent months. This is in addition to the $6 billion bailout package from the IMF which is currently awaiting approval from the IMF board in Washington.
An earlier version of the story erroneously attributed the news to Finance Adviser Dr Abdul Hafeez Shaikh’s tweets. The Ministry of Finance has clarified that Dr Shaikh has no Twitter account. The error is regretted. It has been fixed. Follow SAMAA English on Facebook, Twitter, and Instagram.