ISLAMABAD: The Asian Development Bank (ADB) has approved a $300 million policy-based loan to help promote macroeconomic stability in Pakistan, the lender said on Friday.
“While COVID-19 hit Pakistan at a critical point in its macroeconomic recovery, the government’s ongoing efforts to ensure stability have started showing encouraging results this fiscal year,” ADB Principal Public Management Specialist Hiranya Mukhopadhyay said in a statement. “ADB’s program will support these efforts and help Pakistan to improve its export competitiveness— now more important than ever given the impacts of the pandemic.”
ADB’s program aims to help Pakistan recover its current account deficit in a sustained manner and continue to facilitate export diversification. It will introduce important tariff- and tax-related policy reforms to help improve Pakistan’s international competitiveness and further strengthen key institutions, including accreditation bodies, the Export–Import Bank of Pakistan, and the Pakistan Single Window.
Since fiscal year 2004, Pakistan has registered a rise-and-fall pattern of export growth reflecting underperformance in its export industry and long-term decline in export competitiveness. This is compounded by lost export growth momentum from COVID-19, which has reduced high-income countries’ demand for manufacturing goods and disrupted the supply of raw materials.
ADB is coordinating its efforts with other development partners and donors while the program complements International Monetary Fund-led reform initiatives by helping to improve competitiveness, which will help build robust foreign exchange reserves.
ADB approves $300 million loan to promote ‘macroeconomic stability’ in Pakistan
https://arab.news/r5uj7
ADB approves $300 million loan to promote ‘macroeconomic stability’ in Pakistan
- Program will help Pakistan to improve its export competitiveness, lender says
- Says government’s efforts to ensure stability have started showing encouraging results this fiscal year
Four people, including two policemen, killed in twin blasts in northwest Pakistan
- Attack on police van in South Waziristan and motorbike-mounted IED in Lakki Marwat hits KP province
- Violence comes amid a surge in militancy and cross-border clashes between Pakistan and Afghanistan
ISLAMABAD: At least four people, including two policemen, were killed and about 20 others wounded in two separate blasts in Pakistan’s northwestern Khyber Pakhtunkhwa province on Saturday, officials said, the latest violence in a region grappling with militant violence.
One explosion targeted a police patrol van in Wana, the main town of South Waziristan district near the Afghan border, while another blast caused by explosives mounted on a motorbike struck a market area in Lakki Marwat district, according to police officials and preliminary reports.
The incidents come amid rising militant violence in Pakistan’s northwest, where authorities say armed groups operate from across the border in Afghanistan, straining relations between Islamabad and the Taliban administration in Kabul, with both sides engaged in a military conflict since last month.
“The control room received information in the evening about a bomb blast targeting a police van in Wana Bazaar,” a police official in the area, who did not want to be named, confirmed while speaking to Arab News over the phone.
He confirmed two deaths in the incident while saying more than 25 people had been injured.
The official said rescue teams responded promptly and shifted three seriously injured people to a nearby hospital in Wana.
In another incident during the day in Lakki Marwat, an improvised explosive device attached to a motorbike exploded near shops.
“Two people have been killed and about 10 have been injured in an IED blast in Lakki Marwat,” Raza Khan, Deputy Superintendent of Police in Bannu, told Arab News.
“The deceased are identified as Shoaib Ur Rehman and Furqan Ullah,” he added. “Shoaib, the owner of the shop, was the brother of the Lakki peace committee head.”
Peace committees in the region are informal, community-based groups that work with security forces to report militant activity and maintain order, making their members frequent targets of attacks.
Pakistan’s Interior Minister Mohsin Naqvi condemned the attacks and expressed grief over the incidents.
“I strongly condemn the blast near a police patrolling vehicle in Wana Bazaar,” Naqvi said in a statement, confirming the killing of four people, including two police personnel.
“Khyber Pakhtunkhwa police are on the front line in the war against terrorism,” he said, noting the force had made “unforgettable sacrifices” in the fight against militant groups.
Militant violence has surged in Pakistan’s border regions in recent months, particularly in Khyber Pakhtunkhwa and Balochistan provinces.
Islamabad has repeatedly accused the Afghan Taliban government of allowing militant groups, including the Tehreek-e-Taliban Pakistan (TTP), to operate from Afghan territory — a charge Kabul denies — as cross-border tensions between the two neighbors have escalated.
