Cash-strapped Pakistan inks deal with ADB, to get USD 3.4 billion
Islamabad: Pakistan will get a loan of USD 3.4 billion from the Asian Development Bank for budgetary support, Prime Minister Imran Khan's adviser on finance has said as the cash-strapped country tries to overcome a ballooning balance-of-payments crisis that threatens to cripple its economy.
Of the total amount, USD 2.1 billion would be released within a year of the agreement between the ADB and the finance ministry, Federal Minister for Planning, Development and Reforms Khusro Bakhtiar was quoted as saying by Dawn.
The loan from the Philippines-headquartered global finance institution was "on a concessional rate", the minister said.
Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh said on Twitter that the ADB will provide USD 3.4 billion to Pakistan for budgetary support.
"USD 2.2 billion will be released this fiscal year (FY), starting in the first quarter of FY 2019-20. This will help the reserve position and the external account," he said in a tweet.
ADB's Director General Werner Leipach and its country director Xiaohong Yang called on Shaikh and discussed with him matters relating to ADB's upcoming operations in Pakistan, the finance ministry said in a statement.
"The director general (Leipach) briefed the adviser that in addition to strong project portfolio, the bank is also keen to provide balance of payments financing to support the government of Pakistan's structural reform agenda," according to the statement.
Pakistan seeks help to overcome a ballooning balance of payments crisis.
Last month, it reached an agreement in principle with the International Monetary Fund (IMF) for a three-year, USD 6 billion bailout package aimed at shoring up its finances and strengthening a slowing economy.
The ADB financing would come on top of the IMF loan.
In April, three influential US lawmakers urged the Trump adminstration to oppose the proposed multi-billion bailout package being sought by Pakistan from the IMF arguing it could be used to repay the Chinese debt.
Chine is investing heavily in Pakistan under the USD 60 billion China-Pakistan Economic Corridor (CPEC).
Launched in 2015, CPEC is a planned network of roads, railways and energy projects linking China's resource-rich Xinjiang Uyghur Autonomous Region with Pakistan's strategic Gwadar Port on the Arabian Sea.
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BESCOM to organise EV expo for Secretariat employees in Jan 2025
Bengaluru (PTI): To encourage the adoption of electric vehicles (EV), Bangalore Electricity Supply Company Limited (BESCOM) announced on Friday that a special EV fair will be organised for the Secretariat employees in January 2025.
During a meeting at the BESCOM office, Managing Director Mahantesh Bilagi said, "The fair is being organised following a directive of Chief Secretary Shalini Rajneesh and will be conducted under the supervision of Energy Minister K J George and Additional Chief Secretary of the Energy Department Gaurav Gupta."
According to him, the event aims to educate attendees about the benefits of environmentally friendly EVs and to encourage the adoption of two-wheeled EVs.
"During the fair, dealer discounts to government employees, particularly those in the Secretariat will also be offered. There will also be opportunities for practical demonstrations of the vehicles at the exhibition site," added Bilagi.
He said the Secretariat employees will also benefit from no down payment and low-interest loans to purchase the EV vehicles.
"EV companies are eager to participate and the sales will extend beyond the exhibition, continuing in the future," the Managing Director said.
The state, particularly Bengaluru, has the highest electric vehicle (EV) users, said Bilagi, adding that to support this, the Energy Department has provided essential infrastructure.
"BESCOM's efforts in promoting EV usage have been recognised with the 'Charge India 2024 Excellence' award. This award is a testament to our commitment to establishing excellent charging facilities. Karnataka has the country's most public electric vehicle charging stations, with a total of 5,765 stations, of which 4,462 are located in the Bengaluru Urban district," said Bilagi.
The Secretariat Employees' Association president Ramesh Sanga and other office-bearers, BESCOM Technical Director H J Ramesh as well as senior officials attended the meeting.
