USD 500 mn loan to shore up Pak economy

Associated Press
Posted: 2008-10-04 19:49:01+05:30 IST
Updated: Oct 04, 2008 at 1949 hrs IST

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Pakistan's central bank says it has received a USD 500 million loan from the Asian Development Bank to help shore up the country's ailing economy.

Central bank spokesman Syed Wasimuddin today said the money is the first installment of a USD 1.5 billion loan designed to support economic development in Pakistan.

The funds will top up Pakistan's foreign currency reserves and help restore some confidence in its sagging currency. Pakistan also faces high inflation and slowing

growth.

The US, which counts Pakistan as a key ally in its war on terror, also is pledging more economic support. Pakistan is also seeking assistance from Saudi Arabia.

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USD 500 mn loan to shore up Pak economy

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