Pakistan to get $500m from AIIB for development programme

Reuters Published November 9, 2022

The logo of Asian Infrastructure Investment Bank (AIIB) is seen at its headquarter building in Beijing. — AFP/File

Finance Minister Ishaq Dar on Wednesday said Pakistan will receive $500 million as co-financing for a development programme from the Asian Infrastructure Investment Bank.

The Building Resilience with Active Countercyclical Expenditures Programme is an Asian Development Bank (ADB) financing programme to counter the social fallouts of economic crisis.

“These funds will be received by the State Bank of Pakistan within November 2022,” Dar tweeted.

Last month, the ADB signed an agreement with Pakistan to provide a $1.5 billion loan for budgetary support and help flood-related rehabilitation and reconstruction activities.

The loan, provided under the BRACE Programme, was provided to fund the government’s $2.3bn countercyclical development expenditure programme designed to cushion the impacts of external shocks, including the Russian invasion of Ukraine.

The $1.5bn loan was aimed to provide social protection, promote food security, and support employment for people amid devastating floods and global supply chain disruptions.

The State Bank later announced that it had received $1.5bn from the ADB “as disbursement of policy-based loan for the government of Pakistan”.

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Business

Asian Development Bank releases $1.5bn to Pakistan

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ADB okays $1.5bn in financing for social protection, food security in Pakistan

Ismail

Nov 09, 2022 07:17pm

The expensive liquidity at 4.7%

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Ehteshamul Haque

Nov 09, 2022 07:27pm

Send it to the Mariam's acount in London. She is there for shopping for things that she cannot buy in her other country she was born.

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Saeed Awan

Nov 09, 2022 07:44pm

Good work by Govt and Is'haq Dar. Unfortunately dirty politics takes front page news.

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Hindsight

Nov 09, 2022 07:48pm

better send straight to London in Dollars.

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DEMAGOGUE

Nov 09, 2022 07:49pm

These funds meant for people of Pakistan. Please spent these honesty for right purpose. Full expenditures details be known to press & public, together with audit reports.

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Kareem

Nov 09, 2022 08:01pm

2.3 billion dollars loan for food security, social protection, providing employment to counter the fallout of economic fallout. ? Who is spending this money . Is the disbursement transparent? Is the money being used for the purpose for which the loans have been obtained.Who is monitoring the outcome? After all the loans will have to be returned also by the working class of the country from their sweat and blood.

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Nov 09, 2022 08:37pm

AIIB can say goodbye to this money. They won’t see it again. True to form, Pakistan will ask for debt relief once the money is received.

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anokhaa_laadla

Nov 09, 2022 08:46pm

And it will go straight through dark passages ending in Dubai towers and Corrupt mafia accounts to keep the nation in debt for ever .

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Mansur Ul Haque

Nov 09, 2022 09:08pm

Who should be credited for this financial assistance?Ishaque Dar joined cabinet with bang. For quite some time we have not heard from him. How much funds have been arranged for current financial years?Revenue target has not been achieved?Any plan to plug the gap?How the targets for export will be achieved?To enhance remittances inter bank and open market rate must be narrowed? Any plan to enhance industrial production?Dollar rate? Negotiation with IMF? What is road map for economic recovery?

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Fragile State

Nov 09, 2022 10:02pm

@Ehteshamul Haque, My friend it's already in her account.

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Ehteshamul Haque

Nov 09, 2022 10:35pm

@Fragile State , This will improvew the British Economy. The GDP has gone up since she came to London.

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NACParis

Nov 09, 2022 10:41pm

Hopefully, the donor will monitor the funds so that it doesn't end up in Sharif, Zardari, and their cronies' accounts in view of the political situation where they are not sure to win.

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Zak

Nov 09, 2022 10:41pm

Finance Minister Ishaq Dar on Wednesday said Pakistan will receive $500 million as co-financing for a development programme from the Asian Infrastructure Investment Bank. Will it go straight to London Bank account of Mr Nawaz Sharif or maryam nawaz. Upkeep of Avenfield is expensive.

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Zak

Nov 09, 2022 10:45pm

@Ismail , The expensive liquidity at 4.7% Paid for by people of Pakistan, while capital in Nawaz sharif and Asif zardari accounts.

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Afzal

Nov 09, 2022 11:09pm

I mran must be unhappy he can't steal money and put in his pocket This certified thief should be jail I mran Khan is Shame of Pakistan

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Mike Hunt

Nov 10, 2022 12:50am

keep borrowing, leave it to the kids to pay it back

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JoJo

Nov 10, 2022 12:52am

Excellent. No bail out from IMF and US until full nuclear disarmament. Stick with getting money from your chinese boses

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Dara Khan

Nov 10, 2022 12:59am

Please do not give any $ to corrupt Zardari or Sharif family.

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AMJAD KHAN

Nov 10, 2022 01:50am

Pakistan getting peanuts as many financial gurus predict Pakistan needs at least 30 Billion dollars in next 12 months to avoid default. Dar and entire PDM is lying to the nation.

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Syed (UK)

Nov 10, 2022 02:37am

@Saeed Awan, wow!! For once I have seen a nation that considers Riba and Debt as good news. Ironic, tragic and pathetic at unexplainable levels.

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Syed (UK)

Nov 10, 2022 02:39am

@Kareem , Million dollar questions Sir. Every paisa should be accounted for, transparently. But then again, who will give accountability?

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Jamil Ahmed

Nov 10, 2022 04:16am

@DEMAGOGUE, won't happen