Saturday, June 27, 2009

$500 Million Loan for Pakistan from ADB

Just 2-3 years ago, there was a lot of news about Pakistani economy in the media. However, because of violence and unrest in the Swat Valley, the economy has taken a backseat. Instead, we find regular reports of violence and bomb blasts in different parts of the country. Anyway, the good news is that Asian Development Bank is giving $500 million to Pakistan government.

Daily Times reported:

The principal objectives of the programme are (i) to achieve and sustain higher economic growth in the medium-term (ii) Expand its social safety net and make it more targeted to protect the poor and vulnerable from the adverse impact of the recent global developments (iii) Adopt structural reforms to address inefficiencies in the agriculture sector, particularly with respect to wheat markets and food security policies and (iv) Take measures to address the energy crises.

This is good news but the main thing is that this money has to be utilized properly. Because of security problems, the economy is suffering a lot.

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