According to sources, Pakistan made a request to ADB or Asian Development Bank for the $500 million loan.
The $500 million loan is requested by Pakistan from ADB. However, the government is facing problems in retaining foreign exchange reserves.
Pakistan made a request to Werner Liepach, DG Central and West Asia Department of the ADB. The ADB official arrived in Pakistan 12 days before a scheduled visit of the International Monetary Fund’s (IMF) new mission chief. Spanish born IMF mission chief is arriving on 26th of this month on his maiden visit to Pakistan, where he will stay for 2 days.
Werner Liepach’s visit is aimed at finding new avenues for enhancing disbursements of loans to Pakistan and removing bottlenecks that are hindering releases of the previously approved loans. However, it is unlikely that the Manila-based lending agency would accept the request in absence of a Letter of Comfort from the IMF.