ADB to give $2b to propel Pakistan economy

ISLAMABAD - The Asian Development Bank (ADB) will provide US $2 billion for Accelerating Economic Transformation Programme (AETP), targeted to correct macroeconomic distortions and ensure 8 per cent annual economic growth.

Finance Ministry sources Friday told TheNation that the plan resembled with the government’s announced four-point Economic Stabilisation Package and was spread over a period of three years. “Its successful implementation will ensure to achieve and sustain economic growth of 8 per cent from 2010 to 2020,” they added. “Its not a plan, it’s a set of concrete measures,” said the sources.

The key element of the AETP is that the effectiveness of one sub-programme will ensure the release of next tranche for next phase of reforms. The government and the international development partners finalised the programme after months long parleys. The World Bank and International Monetary Fund provided the technical assistance for the programme.