The Asian Development Bank (ADB) has pledged $2 billion in annual loans to Pakistan, beginning in 2024, with half of the amount on concessional terms.
The assurance was made by ADB President Masatsugu Asakawa during his visit to Islamabad, where he met with Pakistani officials. Over four years, this would total $8 billion in financial support. Of the annual $2 billion, $1 billion will be provided at a concessional rate of 2 percent.
In addition to financial support, the ADB president emphasized enhanced collaboration on public-private partnerships, energy sector reforms, and climate resilience. Asakawa also laid the foundation for ADB’s new permanent mission in Islamabad.
The ADB president also met with Prime Minister Shehbaz Sharif during his visit. The prime minister highlighted ongoing reforms in energy and tax revenue sectors aimed at stabilizing the economy.
The two leaders also witnessed the signing of $720 million in loans for flood-related reconstruction projects in Sindh and Khyber Pakhtunkhwa.
Thank you ADB for keeping the country on loans. Anyway, in order to celebrate this news, I shall try to buy 250 grams mutton for the family as it has become a rare delicacy in these times of high inflation. Thank you ADB again.
Stop givingus loans, we cannot payback old loans and yet we get new loans. Pakistani people are suffering and additional loans are making it worse.