ADB approves $658.8m to help Pakistan meet growth target

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.

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