The Asian Development Bank (ADB) has approved a $300 million loan to assist economic stability in Pakistan by facilitating government's focus on improving the\ trade competitiveness and export diversification.
“ADB’s program will support these efforts and help Pakistan to improve its export competitiveness—now more important than ever given the impacts of the pandemic,” said ADB Principal Public Management Specialist Hiranya Mukhopadhyay in a statement issued on Friday.
ADB’s program is expected to enable Pakistan in recovering current account deficit in a sustained manner as well as facilitate export diversification. It will introduce important tariff- and tax-related policy reforms to help improve Pakistan’s international competitiveness and further strengthen key institutions, including accreditation bodies, the Export–Import Bank of Pakistan, and the Pakistan Single Window.
Several steps were also taken to introduce e-commerce, strengthen key institutions involved in facilitating trade, and enhance the export certification process.