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ADB approves $600m to support PM Khan’s Medina State plan

The Asian Development Bank has approved 600 million dollars to support the government's social protection program which PM Khan calls road to welfare state of Medina.

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The Asian Development Bank (ADB) board is expected to approve a US$ 600 million program for country’s social protection during the first week of December, ADB’s Director General Central and West Asia Asian Development Bank, Eugenue Zhukov said Tuesday.

He informed the Prime Minister on Finance and Revenue, Shaukat Tarin about the programme during a meeting here. Country Director ADB, Yong Ye, and senior officers also participated the meeting, according to press statement issued by the Finance Ministry issued here.

Eugenue Zhukov apprised the Adviser that 80 per cent of the funds allocated for procurement of vaccines have been disbursed and ready to provide additional funds if required.

Read more: ADB endorses a 5-year partnership strategy for Pakistan

ADB has also planned a programme on domestic resource mobilization and was currently providing technical assistance for the purpose, he added. Shaukat Tarin appreciated the role of ADB in extending support to Pakistan in procurement of vaccines and gave an overview of the current economic situation.

The Adviser emphasized that the government was committed to introduce reform in various sectors, in the face of various challenges, to address the long outstanding structural issues and to attain sustainable and inclusive growth.

He informed that the government has taken steps to improve revenue collection through broadening of tax base, capturing retail sales, single window operations as well as track and trace system.

Efforts are being made to complete the remaining prior actions under the capital markets development programme to disburse it within time, he added.

Read more: ADB to provide huge funds for Ehsaas

The advisor commended the support extended by the ADB during testing times and assured of all assistance to fast track slow moving projects and make NDRMF fully functional.

Courtesy: APP