Pakistan locks $3.4 billion in budgetary support from Asian Development Bank

The prime minister's adviser on finance Dr Abdul Hafeez Shaikh can be seen in this picture addressing a news conference in Islamabad earlier this month. (AFP)
Updated 15 June 2019

Pakistan locks $3.4 billion in budgetary support from Asian Development Bank

  • De facto finance minister Shaikh says met ADB director general on Saturday
  • $2.2 billion of agreed package to be released in this fiscal year

ISLAMABAD: The prime minister’s adviser on finance Dr. Abdul Hafeez Shaikh said on Saturday the Asian Development Bank would provide $3.4 billion in budgetary support to help stabilize Pakistan’s slowing economy.
Pakistan unveiled a tax-heavy budget with a total outlay of Rs8.2 trillion last Tuesday, weeks after it reached a staff level agreement with the International Monetary Fund for a $6 billion bailout deal.
In a series of tweets, Shaikh said he had met ADB director general Werner Liepach on Saturday and finalized the budgetary support deal.
“$2.2 billion will be released this fiscal year, starting in the first quarter of FY 2019-20. This will help the reserve position and the external account,” the de facto finance minister said. “This support is in addition to the project portfolio with an estimated disbursement of upto $1 billion in FY 2019-20.”
The IMF deal signed last month, which still needs approval by the IMF board in Washington, would be the 13th such bailout since the late 1980s.
Prime Minister Imran Khan’s government came to power last year determined to avoid another bailout and initially sought billions of dollars in funding from friendly countries including China, Saudi Arabia and the United Arab Emirates.
But with inflation at a five-year high, the rupee losing a third of its value over the past year, and foreign exchange reserves barely enough to cover two months of exports, it was forced to turn to the IMF.


‘Baby don’t go’: American singer Cher in Pakistan to bid farewell to Kaavan the elephant 

Updated 27 November 2020

‘Baby don’t go’: American singer Cher in Pakistan to bid farewell to Kaavan the elephant 

  • The 'world's loneliest elephant' has languished in the Islamabad zoo for 35 years and lost his partner in 2012
  • Cher and animal rights groups have campaigned for years for the elephant’s better treatment and freedom 

ISLAMABAD: American singing sensation Cher called on Prime Minister Imran Khan on Friday during a visit to Pakistan to celebrate the departure of Kaavan, dubbed the “world’s loneliest elephant,” who is all set to leave an Islamabad zoo for a sanctuary in Cambodia.

Cher and other rights groups have for years lobbied for the better treatment and release of Kaavan, who has languished in the Islamabad zoo for 35 years. He was diagnosed by veterinarians as both overweight and malnourished earlier this year, and also suffers behavioral issues. He will leave for Cambodia on Sunday.

“Appreciating her efforts in retiring Kavan to an elephant sanctuary, the Prime Minister thanked Cher for her campaign and role in this regard,” a government handout said. “The Prime Minister observed that it was indeed a happy moment for all of us that after giving joy and happiness to the people of Islamabad and Pakistan for about 35 years, Kavan will now be able to retire with other elephants in a specialized sanctuary in Cambodia.”

Khan also invited the singer to contribute towards the government's initiative to expand its tourism and environmental programs, “to which she kindly agreed.”

“On this occasion, Cher applauded the Prime Minister for his government's key initiatives for ensuring a cleaner and greener Pakistan,” the statement added. “She also offered her support for furthering the green initiatives through her organization 'Free the Wild' and thanked the Prime Minister.”

Cher took up Kaavan’s cause and has been a loud voice advocating for his resettlement. Four Paws International, a Vienna-based animal welfare group, has also led the charge to save Kaavan and provided the medical treatment needed before he can travel. The battle for his relocation began in 2016.

Even after he’s in Cambodia, Kaavan will require years of physical and even psychological assistance, Four Paws' representatives have said.

Because of the abysmal living conditions blamed on systemic negligence, Pakistan’s high court in May ordered the closure of Marghazar Zoo in the capital of Islamabad, where Kaavan has lived for much of his life. A medical examination in September showed Kaavan’s nails were cracked and overgrown — the result of years of living in an improper enclosure with flooring that damaged his feet.

The elephant has also developed stereotypical behavior, shaking his head back and forth for hours, which the medical team of wildlife veterinarians and experts blamed on his utter boredom.

For the past three months, a Four Paws team including veterinarian Dr. Amil Khalil and the Islamabad Wildlife Management Board has been readying Kaavan to leave. Members of the welfare group will also accompany him to the sanctuary.