The ADB and cash-strapped Pakistan have finalised a USD 305 million emergency COVID-19 loan to help the country buy medical equipment and disburse money to poor women, according to a media report on Wednesday. The Asian Development Bank will extend the loan on commercial terms, The Express Tribune reported.
Last month, Pakistan had received an emergency loan of USD 1.39 billion from the International Monetary Fund (IMF) and an aid of USD 200 million from the World Bank (WB)
While the IMF loan was to boost Pakistan’s foreign exchange reserves in the wake of the coronavirus crisis, the WB aid focused on supporting preparedness and emergency response in the health sector.
Explaining the need for the ADB loan, Pakistan’s Planning Commission Deputy Chairman Jahanzeb Khan told The Express Tribune that the government was looking at ways to assist those who were directly hit by the virus but could not till now apply for financial help. Pakistan had sent the official loan request to the ADB in March.
(The Economic Times.)
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