Asian Development Bank shows trust in Pakistan Economy. During the current fiscal year 2019-20, the Asian Development Bank (ADB) said Tuesday that signs of economic stabilization were emerging in Pakistan.
The ADB, in its 2019 Asian Development Outlook Supplement, said that Pakistan’s inflation averaged 10.1 percent for the first three months of the current fiscal year despite “strong monetary policy and a modest currency strengthening.”
The bank also pointed out that “signs of economic stabilization” were seen in the fiscal year 2020 after a “steep slowdown in growth” in Pakistan the previous fiscal year.
In the study, the bank lowered its growth forecast in South Asia to 5.1% in 2019 and 6.1% in 2020.
It is appropriate to mention that two loans totaling $1.3 billion for budget support and key reforms in Pakistan were approved by the ADB on Friday.
The ADB approved $1 billion in immediate budget support for Pakistan to “shore up the country’s public finances” and help reinforce a “slowing economy,” the bank said in a statement.
Meanwhile, the bank also approved a $300 million policy-based loan that will help the government address the energy sector’s policy constraints on financial sustainability, governance, and energy infrastructure. News report on Asian Development Bank shows trust in Pakistan Economy.