From Business Correspondent
ISLAMABAD: The Asian Development Bank (ADB) has pledged to provide $1.7 billion to Pakistan to combat the economic impacts of coronavirus in the country, it was learned yesterday.
The assurance was given by the ADB President to the Minister for Economic Affairs Khusro Bakhtiar, during a virtual meeting. As per details, the bank will approve $800 million budget support by June this year. It will then provide the next tranche of nine hundred million dollars by the end of this year.
The budget support will be provided to Pakistan on a special concessionary basis.
The Minister for Economic Affairs thanked the ADB for extending the financial cooperation to Pakistan. The development comes amid the outbreak of coronavirus pandemic in the country which has affected over 11,000 persons and has killed over 220 people, whereas, the economic toll has become more worrisome due to protective measures of lockdown imposed by the government.
The ADB has projected that Pakistan’s economic growth would slow down to 2.6 per cent this year due to ongoing stabilization efforts and the ongoing coronavirus pandemic.
The ADB in its latest report, Asian Development Outlook (ADO) 2020 highlighted several factors behind the slow down including slower growth in agriculture and the impact of the COVID-19 outbreak, the report said that the economy would, however, recover to 3.2pc in 2021.The spokesman added, it is important that the limited resources of the world’s poorest countries must be used to combat COVID-19 virus.