Islamabad, June 4 -- The Asian Development Bank (ADB) has approved an $800 million development fund for Pakistan, to improve fiscal sustainability and financial management in the economically deficit state.
The amount will be distributed via the ADB's Improved Resource Mobilisation and Utilisation Reform Program, Subprogram 2. Comprising of a two-step policy-based loan, the first instalment will be of $300 million, followed by a second instalment of $500 million.
"Pakistan has made significant progress in improving macroeconomic conditions," said ADB Country Director for Pakistan Emma Fan.
The programme aims to support far-reaching reforms to improve tax policy, administration, and compliance, while enhancing public expenditure and cash...