ISLAMABAD- Asian Development Bank (ADB) has endorsed Pakistan's economic policies and announced to support its efforts to overcome the ongoing financial crisis. "The government of Pakistan is taking practical measures to deal with the current economic situation, and the ADB stands ready to support its efforts," said Juan Miranda, Director General of Central and West Asia Department. Juan Miranda who was on visit to Pakistan held meetings with Prime Minister Yousuf Raza Gilani, Finance Minister Syed Naveed Qamar and State Bank Governor Dr Shamshad Akhtar. Noting the damage caused by unprecedented international fuel and food prices, Juan Miranda said that Pakistan has defined and is executing a credible action plan to deal with these external factors. "It has taken actions to contain spending, it has raised interest rates, and put in place measures to manage and shore up foreign reserves, and drastically cut down on borrowing from the central bank," he added. "Pakistan has also put together one of the region's largest social safety net programmes, necessary to cushion the poorest against these external shocks," said Juan Miranda.   The Finance Ministry on Friday told the Senate Standing Committee on Finance and Revenue that the ADB has agreed to give $ 1.2 billion to Pakistan and first tranche of $ 500 million would come in the third week of September. Pakistan is facing serious problems of Balance of Payments due to unprecedented hike in oil import bill, which touched to $ 14 billion during the last financial year ended on June 30, 2008.    In Pakistan, the ADB supports the development of infrastructure, public utilities and economic reforms. The donor agency has committed to continue to work closely with Pakistan in all these sectors. "We have full confidence in the government's ability to deal with current economic challenges. It will succeed," said Juan Miranda.