Cash-strapped Pakistan secures $655 million Asian Development Bank package
1 year ago

Cash-strapped Pakistan secures $655 million Asian Development Bank package

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Days after Finance Minister Shamshad Akhtar deemed Pakistan’s public debt unmanageable, the neighbouring country has already acquired a USD 655 million financing package from the Asian Development Bank, which includes a costly USD 300 million loan at market rates Days after Finance Minister Shamshad Akhtar deemed Pakistan’s public debt unmanageable, the neighbouring country has already acquired a USD 655 million financing package from the Asian Development Bank, which includes a costly USD 300 million loan at market rates. The USD 300 million loan will have a 15-year term, including a grace period of three years; an interest rate determined in accordance with ADB’s Flexible Loan Product; a commitment charge of 0.15 per cent per year; and such other terms and conditions set forth in the loan agreement, according to the ADB documents. The Express Tribune reported that the ongoing Sindh Secondary Education Improvement Project will receive additional financinga USD 275 million emergency assistance loan that is part of ADB’s USD 1.5 billion pledge of support for Pakistan’s recovery from the devastating 2022 floods, according to the ADB. A concessional loan of USD 80 million for the Khyber Pakhtunkhwa Food Security Support Project, which is also part of ADB’s USD 1.5 billion pledge of support for Pakistan’s recovery from the 2022 floods, will help address climate vulnerabilities, enhance food security, and boost the livelihoods of rural farm households in the most flood-damaged districts in the province, said the ADB.

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