World Bank, Asian Development Bank delay $1 billion loans to Pakistan: Reports
A trader counts Pakistani rupee notes at a currency exchange booth in Peshawar, Pakistan
According to Pakistani media sources, two of Pakistan's main lenders, the World Bank and the Asian Development Bank (ADB), have withheld approval of another $1 billion (7,300 crore rupees) worth of loans due to a failure to fulfil certain conditions.
On June 28, the World Bank is expected to approve $800 million (Rs 5,800 crore) in policy loans, down from the initial plan of $1.5 billion.
According to a government source, the World Bank opted to cut the loan short after Pakistan failed to meet some of the terms.
Similarly, the ADB has postponed clearance of the second tranche of the $300 million loans for the energy sector.
Pakistan and the World Bank have previously agreed to three loans totalling $500 million.
According to Tribune sources, the World Bank has delayed approval of one loan and cut the sum of the other two loans from $500 million to $400 million apiece.
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Pakistan has already entered the "danger zone" of governmental debt, with total liabilities and debts of $294 billion, or 109 per cent of GDP as of December 2020.
(With inputs from agencies)