ADB approves $800m to boost Pakistan’s public finance

The Asian Development Bank (ADB) approved $800 million programme to strengthen fiscal sustainability and improve public financial management in Pakistan, according to a statement issued by the Philippines-based lender. The statement read that subprogramme 2 of the “Improved Resource Mobilisation and Utilisation Reform Programme” includes a policy-based loan of $300m, and ADB’s “first ever policy-based guarantee” of up to $500m, which is expected to mobilise financing of up to $1 billion from commercial banks. “Pakistan has made significant progress in improving macroeconomic conditions,” said ADB country director for Pakistan, Emma Fan.