ADB approves $300 million loan to promote ‘macroeconomic stability’ in Pakistan 

Cars drive past the Manila headquarters of the Asian Development Bank on February 17, 2009. The Bank said on Friday it has approved a $300 million policy-based loan to help promote macroeconomic stability in Pakistan. ( AFP/ File photo)
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Updated 27 November 2020

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

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.


Pakistani Twitter rejoices as archrival India beats Australia in cricket win for the ages

Updated 57 sec ago

Pakistani Twitter rejoices as archrival India beats Australia in cricket win for the ages

  • Pakistan and India are political foes and have one of the most intense sports rivalries in the world
  • Tuesday’s win by India was unequivocally cheered by Pakistani cricket fans who called it “one of the greatest test match wins of all time”

ISLAMABAD: Pakistani social media users rejoiced on Tuesday as India bagged an incredible three-wicket win in the fourth test decider against Australia.

India’s Rishabh Pant timed his innings to perfection, ramping up the aggression in a stellar 89 as India stormed to a record 328-run chase at the Gabba and became the first team to beat the hosts at the Brisbane stronghold since the West Indies in 1988.

Pakistan and India are political archrivals and fierce opponents in the cricket field. But Tuesday’s win was unequivocally cheered by Pakistani cricket fans on Twitter, who called it one of “the greatest test series and test match wins of all time.”

“From 36 all out in the same series to winning it on Australia soil. Wow,” former cricketer and fast bowler Shoaib Akhtar wrote.

“Investing in your players, giving them financial security, protecting them, giving them exposure, having A team tours is eventually bound to pay off. Well done India,” said cricket manager Rehan ulHaq.

“India basically pulled off one of the greatest test series and test match wins of all time,” said Uzair Younus, a senior fellow at the Atlantic Council. “To win Down Under [Australia] is an achievement on its own. But to do it when several first-team players are out injured is a whole new level of achievement. Brilliant. Absolutely brilliant.”

“Given results, their injuries, and lack thereof of the home side, this Indian team is probably the greatest from South Asia to tour Australia,” said Umair Javed, an assistant professor at LUMS, Pakistan’s most prestigious private university.

“Cricket is the winner (and Australia the loser),” Javed said in another tweet.

“What a fight back by Indian cricket team in the series, they’ve played quality cricket. From 36-all out in first test to 2-1 up. Commendable. Love and respect from Pakistan,” Twitter user Taliha said, posting one of thousands of tweets praising the Indian team’s performance.

“Tremendous cricket by Indians,” Haider Rasool wrote. “Love from Pakistan.”

One Indian Twitter user posted: “Thank you Pakistan. Today’s win is ever more special because of support from neighbor.”

Strained relations between the two nations, who were one country before the partition of British India split them into India and Pakistan in 1947, and a decades-long dispute over the Himalayan valley of Kashmir conflict, has laid the foundations of one of the most intense sports rivalries in the world.

Pakistan and Indian have not played a bilateral Test series since 2008 when already brittle ties were shattered by the Mumbai terror attacks.