ADB Board to Approve $800 Million for Pakistan on June 3
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ADB to Approve $800 Million Package to Pakistan on June 3 The Asian Development Bank (ADB) has pushed back its board meeting to approve an $800 million financing package for Pakistan to June 3, 2025. The meeting was to be on May 28 but was postponed at India’s request, so that they could have extra time to review the loan papers. The financing package contained a policy-based loan of $300 million under the ADB Resource Mobilization Programme, which will help improve Pakistan’s tax collection and fiscal reforms. A further $500 million guarantee will help Pakistan obtain up to $1.5 billion from foreign commercial loans, critical for improving its foreign exchange reserves, which are $11.4 billion. Pakistan’s Economic Affairs Secretary Dr. Kazim Niaz confirmed the date change, saying ADB rules allow for a one-time postponement at the request of any board member. He stated the postponement is purely procedural and did not indicate any failure by ...