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Asian Development Bank prepares major package for Pakistan
The Asian Development Bank (ADB) is preparing a major aid package for Pakistan, officials said on Monday, in a sign of growing efforts by international finance bodies to reward Pakistan for its support of the anti-terrorism war.
The Asian Development Bank (ADB) is preparing a major aid package for Pakistan, officials said on Monday, in a sign of growing efforts by international finance bodies to reward Pakistan for its support of the anti-terrorism war.
ADB President Tadao Chino was working out details of the package on Monday in talks in Islamabad with President Pervez Musharraf and Finance Minister Shaukat Aziz, bank officials said. Chino said the bank's aid to Pakistan last year amounted to $ 707 million.
“We are giving serious consideration to substantially increase this aid, keeping in view the economic problems being faced by Pakistan and the critical regional situation,” Chino said on Sunday after his arrival in Islamabad.
Chino said the Manila-based regional development bank wanted to help Pakistan overcome its problems. Aziz has estimated the US led war against the Taliban regime in Afghanistan will cost Pakistan between one billion and $ 2.5 billion.
Pakistan is a key member of the international coalition, allowing the US access to four bases and giving logistical support. But the war has had a dramatic impact on Pakistan's trade.
The US said last week that Pakistan could expect much more help from an aid pipeline which will reach one billion dollars. The World Bank is also reportedly considering a new aid injection for Pakistan, which hopes to get debt relief when its creditor nations meet in Paris on December 11, according to the finance minister.
Bureau Report
ADB President Tadao Chino was working out details of the package on Monday in talks in Islamabad with President Pervez Musharraf and Finance Minister Shaukat Aziz, bank officials said. Chino said the bank's aid to Pakistan last year amounted to $ 707 million.
“We are giving serious consideration to substantially increase this aid, keeping in view the economic problems being faced by Pakistan and the critical regional situation,” Chino said on Sunday after his arrival in Islamabad.
Chino said the Manila-based regional development bank wanted to help Pakistan overcome its problems. Aziz has estimated the US led war against the Taliban regime in Afghanistan will cost Pakistan between one billion and $ 2.5 billion.
Pakistan is a key member of the international coalition, allowing the US access to four bases and giving logistical support. But the war has had a dramatic impact on Pakistan's trade.
The US said last week that Pakistan could expect much more help from an aid pipeline which will reach one billion dollars. The World Bank is also reportedly considering a new aid injection for Pakistan, which hopes to get debt relief when its creditor nations meet in Paris on December 11, according to the finance minister.
Bureau Report