ISLAMABAD: The Asian Development Bank has approved a financial package of $800 million for Pakistan to stabilise its resources Mobilisation Reform Program.
The package will be provided under the Resource Mobilisation Reform Program (Sub-Program II). The package includes $300 million in the form of Policy-Based Loan (PBL) and $500 million in the form of Program-Based Guarantee (PBG). The Ministry of Finance says that this important development is the result of joint diplomatic efforts of the Ministry of Economic Affairs and the Ministry of Finance.
This initiative aims to effectively mobilise domestic resources and stabilise the economy through financial reforms. This financial support will help improve the tax system, increase revenues and promote economic discipline. This program will not only expand the sources of income, the program is also an important step towards economic independence.
On the other hand, a meeting of the Economic Coordination Committee (ECC) was held under the chairmanship of Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, in which Technical Supplementary Grants (TSGs) were submitted for approval by various ministries and divisions.
The ECC considered the summaries for technical supplementary grants and made decisions. The Economic Coordination Committee of the Cabinet approved technical supplementary grants for various ministries and divisions.
The meeting was attended by Federal Minister for Energy Sardar Owais Ahmed Khan Leghari, Minister for Investment Qaiser Ahmed Sheikh, Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan, Chairman SECP and federal secretaries and senior officers of the concerned ministries and divisions.
