Project Data Sheet
Project 53247-001
Project Data Sheet
Project 53247-001
| Project Name | Economic Stabilization Program | ||||
| Project Number | 53247-001 | ||||
| Country / Economy | Pakistan |
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| Project Status | Closed | ||||
| Project Type / Modality of Assistance | Loan |
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| Source of Funding / Amount |
|
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| Operational Priorities | OP1: Addressing remaining poverty and reducing inequalities OP2: Accelerating progress in gender equality OP6: Strengthening governance and institutional capacity |
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| Sector / Subsector | Public sector management / Economic affairs management - Public expenditure and fiscal management - Reforms of state owned enterprises - Social protection initiatives |
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| Gender | Some gender elements | ||||
| Description | The proposed SPBL is part of a comprehensive multi-donor economic reform program led by the International Monetary Fund (IMF), and will help the government to mitigate the significant negative economic and social impacts of an extraordinary macroeconomic crisis. The proposed economic reform program of the IMF will (i) introduce important fiscal consolidation measures, led by revenue mobilization measures, to ensure sustainable public debt; (ii) implement tight monetary policy and flexible market determined exchange rate to reduce current account deficit and moderate inflation; (iii) facilitate structural reforms in the areas of energy sector, institutions and governance to ensure high and inclusive growth; and (iv) augment social sector spending to minimize the effect of reforms on the poor. | ||||
| Project Rationale and Linkage to Country/Regional Strategy | Pakistan''s economy has reached a tipping point where economic and financial stability are at risk. Growing economic imbalances have led to a major deterioration in external and macroeconomic stability which in turn has begun eroding economic wellbeing and social welfare through high inflation and falling real incomes, particularly for poor and vulnerable communities. | ||||
| Impact | Macroeconomic management strengthened and more sustained and inclusive growth supported (Pakistan Vision 2025) |
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| Project Outcome | |
|---|---|
| Description of Outcome | Sustainable fiscal position with reduced external imbalances achieved |
| Progress Toward Outcome | |
| Implementation Progress | |
| Description of Project Outputs | Exchange rate management strengthened Public resource management improved Social protection enhanced |
| Status of Implementation Progress (Outputs, Activities, and Issues) | |
| Geographical Location | Nation-wide |
| Safeguard Categories | |
|---|---|
| Environment | C |
| Involuntary Resettlement | C |
| Indigenous Peoples | C |
| Summary of Environmental and Social Aspects | |
|---|---|
| Environmental Aspects | |
| Involuntary Resettlement | |
| Indigenous Peoples | |
| Stakeholder Communication, Participation, and Consultation | |
| During Project Design | |
| During Project Implementation | |
| Responsible ADB Officer | Mukhopadhyay, Hiranya |
| Responsible ADB Department | Central and West Asia Department |
| Responsible ADB Division | Public Management, Financial Sector and Trade Division, CWRD |
| Executing Agencies |
Ministry of Finance |
| Timetable | |
|---|---|
| Concept Clearance | - |
| Fact Finding | 22 Jul 2019 to 25 Jul 2019 |
| MRM | 09 Oct 2019 |
| Approval | 06 Dec 2019 |
| Last Review Mission | - |
| Last PDS Update | 06 Dec 2019 |
| Milestones | |||||
|---|---|---|---|---|---|
| Approval | Signing Date | Effectivity Date | Closing | ||
| Original | Revised | Actual | |||
| 06 Dec 2019 | 09 Dec 2019 | 09 Dec 2019 | 30 Jun 2020 | - | 30 Jun 2020 |
| Financing Plan | Loan Utilization | ||||
|---|---|---|---|---|---|
| Total (Amount in US$ million) | Date | ADB | Others | Net Percentage | |
| Project Cost | 1,000.00 | Cumulative Contract Awards | |||
| ADB | 1,000.00 | 17 Jun 2022 | 1,000.00 | 0.00 | 100% |
| Counterpart | 0.00 | Cumulative Disbursements | |||
| Cofinancing | 0.00 | 17 Jun 2022 | 1,000.00 | 0.00 | 100% |