ISLAMABAD, Dec 9 (APP):Minister for Economic Affairs, Muhammad Hammad Azhar on Monday witnessed the signing of two loans programme amounting to US $1.3 billion between the government of Pakistan and the Asian Development Bank (ADB) for economic reforms. The loan agreements were signed by Secretary, Economic Affairs Division, Dr Syed Pervaiz Abbas and Ms Xiaohong Yang, Country Director, Asian Development Bank (ADB). Under Special Policy-Based Loan (SPBL) Facility, Asian Development Bank has committed to providing US $1 billion for Economic Stabilization Programme. This programme aims at improving exchange rate management, strengthen public financial management to mobilize more revenues, restore allocated efficiency of scarce public resource, address the power sector pricing issues and reduce the social impacts of macroeconomic stability measures by improved targeting and transparency of existing social protection programmes. Out of total US $1.3 billion loan, US $ 300 million is allocated to Energy Sector Reforms and Financial Sustainability Program (Subprogram 1). It will address issues regarding energy shortfalls, technical lacuna’s and policy related shortcomings in Pakistan’s energy sector. The programme will help to secure financial sustainability by controlling new accumulation of circular debt; strengthen governance by rationalizing competitive market road-map, separation of policy and regulatory functions in hydrocarbons … Continue reading ADB provides $1.3 billion loan to Pakistan for economic reforms