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.


FM Qureshi holds meeting with UAE state minister, discusses bilateral cooperation

Updated 28 November 2020

FM Qureshi holds meeting with UAE state minister, discusses bilateral cooperation

  • The Pakistani foreign minister highlighted close fraternal ties and stressed his country’s commitment to closer bilateral cooperation
  • UAE Minister of State Reem Al Hashimi appreciated Qureshi’s proposal to the OIC to focus on the menace of Islamophobia

ISLAMABAD: Pakistan’s Foreign Minister Shah Mahmood Qureshi met United Arab Emirates Minister of State Reem Al Hashimi on the sidelines of the OIC’s Council of Foreign Ministers’ meeting in Niamey, Niger, on Saturday.
During their meeting, the two leaders exchanged views on bilateral cooperation, COVID-19 situation, Pakistan’s participation in an Expo arranged by the UAE, and other matters of mutual interest.
Qureshi highlighted the close fraternal ties and people-to-people contacts between the two countries and stressed Pakistan’s commitment to forge closer cooperation with the UAE in diverse fields.
According to an official handout circulated by the foreign office of Pakistan, the Emirati state minister lauded Qureshi’s speech at the Niger meeting in which he proposed the OIC to deal with the menace of Islamophobia.
“Apprising the Emirati Minister of State of the difficulties being faced by Pakistani citizens with regard to UAE visa, Foreign Minister Qureshi underscored the need to address the issue at the earliest possible,” said the official statement. “The two sides also exchanged views on OIC matters and stressed the importance of further strengthening it as a united and pivotal platform for the Muslim Ummah.”
It was also agreed during the meeting to enhance mutual exchanges to carry forward the process of growing bilateral cooperation.