The Asian Infrastructure Investment Bank to provide Pakistan with 50 billion dollars

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The President of the Asian Infrastructure Investment Bank (AIIB) met with the Minister of Finance in Washington – File / Photo: Reuters

Islamabad: The Asian Infrastructure Investment Bank (AIIB) will provide Pakistan with $50 million, which will be used for various projects aimed at generating income. According to Express News, Finance Minister Mohammad Orangzaib met with AIIB President Jin Liqun in Washington where the federal finance minister briefed him on the positive economic situation and indicators of the country.

The Ministry of Finance stated that the President of the Asian Infrastructure Investment Bank has promised $50 million to Pakistan, which will be used for operational income and fund transfers for various projects. Mohammad Orangzaib also expressed his gratitude to the AIIB for providing financial assistance after the floods and mentioned that the AIIB had contributed $25 million for the RISE program in collaboration with the World Bank.

He stated that Pakistan aims to obtain a large and long-term program with the International Monetary Fund (IMF), with improvements in foreign exchange reserves and stable exchange rates. The Finance Minister further stated that there is a decrease in inflation and the stock market is performing well, which has restored confidence among investors due to the Stand-By Arrangement with the IMF. Reforms in tax and energy sectors, as well as in government-owned institutions, are our priorities.

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