ISLAMABAD - The Asian Development Bank (ADB) has approved this week three projects totalling $658.8 million to help Pakistan achieve its goal of more inclusive and sustainable growth and development.
The projects will focus on improving domestic resource mobilization; rehabilitating schools damaged by the devastating August 2022 floods; and enhancing agricultural productivity to improve food security. “This significant new wave of financing will help Pakistan recover from the impacts of last year’s cost-of-living crisis and super-floods and return to the path of long-term development that is sustainable and inclusive,” said ADB Director General for Central and West Asia Yevgeniy Zhukov. “This multifaceted approach is part of ADB’s strategic engagement in Pakistan and cohesively deploys our program lending and project investments to enhance support for Pakistan’s efforts to improve its economic situation and enhance the quality of life for its people.”
The Improved Resource Mobilization and Utilization Reform Program will support the government to realize its ambition of achieving economic growth that is sustainable, broad-based, and inclusive.
The $300 million policy-based loan will support the initiative’s first subprogram, which focuses on laying the foundation for reforms to policies, laws, and institutional capacity that will improve domestic resource mobilization and utilization. The program is helping to transform tax administration, public expenditure management, and other institutional structures to strengthen resource mobilization including non-debt resources such as private investment and savings.
The ongoing Sindh Secondary Education Improvement Project will receive additional financing — a $275 million emergency assistance loan that is part of ADB’s $1.5 billion pledge of support for Pakistan’s recovery from the devastating 2022 floods.