International loans / Grants Updates

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World Bank indicates $2bn disbursement to Pakistan during FY24​

• Finance Minister Dr Shamshad Akhtar reaffirms Pakistan values its development collaboration with the bank

BR
September 9, 2023

 

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International Finance Corporation doubles investments in Pakistan to $1.5bn​

Country manager says institution wants to increase focus on facilitating access to finance, supporting export-oriented industries.

 

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IMF programme: Govt will deliver to secure $700m under SBA: Shamshad​

Business Recorder
Sep 29, 2023

ISLAMABAD: The caretaker government will deliver on the International Monetary Fund (IMF) programme to secure $700 million under the SBA and on external financing requirements, the interim government is working to secure concessional funding from multilaterals (WB, ADB, IsDB) of $6.3 billion and bilateral assistance of around $10 billion from China and KSA as well as oil facility on deferred payment.

While briefing the Senate Standing Committee on Finance presided over by Saleem Mandviwalla, Dr Shamshad Akhtar said structural reforms agreed with the IMF are for the country’s own economic interest and not for the Fund. “We are here for the short-term and want to ensure continuity,” she added.

She explained to the committee that speculation of dollars has been arrested subsequent to the government action to prevent the smuggling of dollars.

However, the minister said that it would be ambitious to bring down the inflation given the increase in the prices of commodities in the global market. Additionally, the caretaker finance minister said that the depreciation of the rupee has been a major reason for record inflation.

 

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Asian Development Bank approves $250mn for power transmission network​

• ADB says Power Transmission Strengthening Project will help reinforce stability of national grid

BR
November 17, 2023

 

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IMF urges govt to revive five-year development planning​

IMF asks Pakistan to develop a five-year strategy by December 2024 to identify major projects across all sectors and funding sources.

 

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ADB approves $400mn concessional loan for Sindh Emergency Housing Reconstruction Project​

• Says project is key part of its multifaceted response to Pakistan’s flood crisis and forms part of the bank's commitment to provide $1.5bn in total assistance from 2023 to 2025

 

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ADB to provide $2bn in annual assistance to Pakistan for climate resilience over next 3 years​

Dawn.com
September 18, 2024

President of Asian Development Bank, Mr Masatsugu Asakawa, called on President Asif Ali Zardari, at Aiwan-e-Sadr, Islamabad on September 17, 2024 — PID

The Asian Development Bank (ADB) has announced that it will provide $2 billion in annual assistance to Pakistan over the next three years to support infrastructure development and climate-resilient initiatives.

In 2022, massive floods triggered by climate change devastated several parts of Pakistan, killing 1,700 people, washing away swathes of agricultural land, affecting 33 million people, and incurring losses worth $30 billion, according to government estimates.

A report by the Policy and Strategy Committee (PSC) and the Oversight Board on Post-Flood Reconstruction Activities showed last week that the country had only received $10.9bn from international development partners out of the total estimated loss for post-flood reconstruction work, leaving a $19.1bn shortfall that has halted the rehabilitation of flood-affected communities in three provinces.