The statement was silent on Pakistan’s request of $1.7 billion ADB support. Pakistan is seeking countercyclical support facility as budgetary support against exogenous shocks to restore growth. In addition, Pakistan is also seeking $300 million loan for financial market development to enhance the efficiency, stability and inclusiveness of financial markets. If Pakistan manages to secure these loans from the ADB along with couple of policy loans from the World Bank, it can maintain the gross official foreign exchange reserves at around $12 billion. The ADB is also working on mobilising additional grant funding for Pakistan and specific measures to support the private sector.

Source: The Express Tribune April 25, 2020 05:15 UTC