IANS | 28 Nov, 2020
The Asian Development Bank (ADB) announced that it has approved a $300
million policy-based loan targeting macroeconomic stability in Pakistan
by improving trade.
The loan aims at recovering Pakistan's
current account deficit in a sustained manner and continue to facilitate
export diversification, Xinhua news agency quoted the ADB as sayin in a
statement.
The ADB added that it will introduce tariff and
tax-related policy reforms to improve Pakistan's international
competitiveness and further strengthen key institutions.
The new financing falls under subprogram-2 of the Trade and Competitiveness program.
Under
the first phase, the ADB helped the government usher in key reforms,
including reducing or abolishing tariffs and ad hoc duties on a large
number of raw materials and intermediate goods, according to the
statement.
ADB's Principal Public Management Specialist Hiranya
Mukhopadhyay said that while the Covid-19 pandemic 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.
