Pakistan : Economic Stabilization Program
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 Details
-
Project Officer
Mukhopadhyay, Hiranya
Central and West Asia Department
Request for information -
Country/Economy
Pakistan -
Sector
- Public sector management
| Project Name | Economic Stabilization Program | ||||
| Project Number | 53247-001 | ||||
| Country / Economy | Pakistan |
||||
| Project Status | Closed | ||||
| Project Type / Modality of Assistance | Loan |
||||
| Source of Funding / Amount |
|
||||
| Operational Priorities | OP1: Addressing remaining poverty and reducing inequalities OP2: Accelerating progress in gender equality OP6: Strengthening governance and institutional capacity |
||||
| Sector / Subsector | Public sector management / Economic affairs management - Public expenditure and fiscal management - Reforms of state owned enterprises - Social protection initiatives |
||||
| 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) |
||||
| 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 |
Loan 3882-PAK
| 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% |
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
The Access to Information Policy (AIP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.
The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.
In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.
| Title | Document Type | Document Date |
|---|---|---|
| Economic Stabilization Program: Completion Report | Project/Program Completion Reports | Jun 2021 |
| Loan Agreement (Ordinary Operations) for Loan 3882-PAK: Economic Stabilization Program | Loan Agreement (Ordinary Resources) | Dec 2019 |
| Economic Stabilization Program: Report and Recommendation of the President | Reports and Recommendations of the President | Nov 2019 |
Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.
None currently available.
Evaluation Documents See also: Independent Evaluation
| Title | Document Type | Document Date |
|---|---|---|
| Pakistan: Economic Stabilization Program | Validations of Project Completion Reports | Dec 2021 |
Related Publications
None currently available.
The Access to Information Policy (AIP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.
Requests for information may also be directed to the InfoUnit.
ADB Approves $1 Billion in Emergency Budget Support to Pakistan
ADB today approved $1 billion in immediate budget support to Pakistan to shore up the country’s public finances and help strengthen a slowing economy.
Tenders
Contracts Awarded
Procurement Plan
None currently available.