ADB assures Pakistan $2b annually in loans

The Asian Development Bank (ADB) has assured Pakistan of providing $2 billion annually in new loans, as Islamabad seeks half of the amount on concessional terms amid government's inability to get cheaper credit due to its worsened ratings. The assurance to provide $2 billion per annum has been given by the visiting ADB president Masatsugu Asakawa during his interaction with Pakistani authorities, according to the officials of the Ministry of Economic Affairs. The Manila-based lender was expected to provide $2 billion every year from 2024 till 2027, officials said on Monday. The total four-year package amounts to $8 billion. Out of the $2 billion, the ADB will give around $1 billion at a fixed 2% rate under its concessional window, officials added.