New Delhi, June 4 (PTI) India opposed the ADB’s decision to give 800 million loans to Pakistan, stating that the funds could be misused to increase the expenditure on its military.
He said, “India shared deep concerns about the possible misuse of ADB resources, especially in the light of Pakistan’s growing defense expenditure, its decreasing tax-to-GDP ratio and demonstrative progression on major macroeconomic reforms,” he said.
The Asian Development Bank (ADB) on Tuesday approved the 800 million USD program to strengthen fiscal stability and improve public financial management in Pakistan.
Show full article
Earlier in the day, in a post on X, the Congress quipped that Prime Minister Narendra Modi met ADB President Masato Kanda on 1 June and three days later ADB cleaned the loan of 800 million USD to Pakistan.
The influence of the Modi government did not work on the IMF earlier and Pakistan received a loan last month, saying that it happened even when there was a struggle between India and Pakistan.
Government sources said that India hopes that ADB will sufficiently ring the ADB management to prevent any misuse of ADB.
He said that the poor track record of Pakistan’s implementation has grown due to deep intervention of the army in economic matters, the risk of policy slippery and reversal of reforms, as seen in the past, he said.
Even when a civilian government is in power, the army keeps playing an external role in domestic politics and increases its tent in the economy, he said.
Pakistan’s policy of cross-limit terrorism has spoiled the security situation in the region and has greatly increased the macroeconomic risks for Pakistan, which also increases enterprise risks for ADB, stated by sources.
India also said that the economic fragility of the borrowing country (Pakistan) also causes credit risk to ADB, the sources said. PTI DP TRB
This report is auto-generated with PTI News Service. ThePrint does not have any responsibility for its content.