Pakistan will receive $6 Billion from the Asian Development Bank over a Three-Year Period

The Asian Development Bank (ADB) is set to provide Pakistan with US$6 billion over three years as the country’s economy continues to face challenges. On October 1, the ADB’s country director, Yong Ye, reportedly made the news during a meeting with Pakistan’s Finance Minister, Shaukat Tarin. The Pakistani minister also stated that Prime Minister Imran Khan’s government is committed to promoting inclusive, efficient, and long-term economic growth. 

Pakistan’s reform in the power sector, as well as measures to increase tax collection, have begun to yield positive effects, Tarin informed the ADB director. The Economic Advisory Council, according to Pakistan’s finance minister, has compiled suggestions for structural reforms in at least 14 areas of the country’s economy. He also noted that short, medium and long-term plans have been established to reach the same goal. 

Shehbaz Sharif, President of the Pakistan Muslim League-Nawaz (PML-N) and Leader of the Opposition, has chastised the current Pakistan Tehreek-e-Insaf (PTI) administration for the country’s deteriorating economy. PTI, according to Sharif, has submerged the economy in debt. He even slammed Pakistan Prime Minister Imran Khan’s leadership for the country’s “unprecedented level” of inflation.