Arab Today, arab today adb extends 400m loan to pakistan
Last Updated : GMT 19:44:17
Arab Today, arab today
Arab Today, arab today

ADB extends $400m loan to Pakistan

Arab Today, arab today

Arab Today, arab today ADB extends $400m loan to Pakistan

Islamabad - XINHUA

The Asian Development Bank (ADB) has approved a 400 million U.S. dollar loan to support Pakistan's ongoing reform to tackle the country's chronic energy crisis which has crippled industries and caused social unrest, the ADB said here Thursday. Pakistan's economy has been devastated by chronic power shortages which are estimated to have slowed GDP growth by at least 2 percentage points a year. Private investment has been sharply reduced and power sector subsidies have caused high fiscal deficits and elevated public debt. The government is implementing the National Power Policy which was approved in July 2013 to resolve these problems. Building on the firm commitment of the government to reforms exemplified in this policy, ADB, Japan and the World Bank have worked with the government to develop a five-year plan and set milestones to implement the policy. ADB is the lead development organization in Pakistan's energy sector supporting energy efficiency, transmission, distribution, cross-border natural gas pipelines, power generation, and renewable energy projects, a statement from the ADB office in Islamabad said. The sustainable energy sector reform program will support the overhaul of existing tariffs and subsidies as the government moves to eliminate subsidies by 2016, except for low income customers. It will also back reforms to reduce power losses and encourage more involvement from the private sector and improve transparency and accountability. The full program is expected to total 1.2 billion dollars, with future amounts subject to further discussions between ADB and the government. For the first sub-program, cofinancing from Japan of 5 billion yen (49 million dollars) and the World Bank of 600 million dollars is expected. The full program is due for completion by June 2018. "The loan is part of an assistance program which will underwrite reforms needed to make the energy sector affordable, reliable, sustainable and secure," said Klaus Gerhaeusser, the Director General for Asian Development of ADB. "This in turn will accelerate industrial activity needed to boost economic growth and help create jobs, which are key to reducing poverty level, " the statement quoted Gerhaeusser as saying.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today adb extends 400m loan to pakistan Arab Today, arab today adb extends 400m loan to pakistan

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today adb extends 400m loan to pakistan Arab Today, arab today adb extends 400m loan to pakistan

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday