ISLAMABAD, Nov. 22 (Xinhua) -- Pakistani Federal Minister for Economic Affairs Muhammad Hammad Azhar said on Friday that the World Bank (WB) has reinstated budgetary support to Pakistan due to economic stability in the country.
"The World Bank has restored budgetary support to Pakistan on account of strengthening of economic stability," said the minister, adding that both the Asian Development Bank (ADB) and WB had suspended budgetary support to
Pakistan in 2017 due to rising macroeconomic imbalances that had arisen in the country's economy at the time.
The ADB has restored budgetary support to Pakistan in August this year, and approved to provide 500 million U.S. dollars in loan to improve Pakistan's trade competitiveness and enhance exports.
Pakistan is expected to receive 500 million U.S. dollars in loan from the World Bank too, local media reported.
The upcoming loan is aimed at enhancing the policy and institutional framework to improve fiscal management and improving the regulatory framework to foster growth and competitiveness, according to government officials.
