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Islamabad: The Government of Pakistan and the Asian Development Bank have formalized a Policy-Based Loan (PBL) agreement totaling $700 million. This agreement includes $250 million offered on concessional terms.
According to Radio Pakistan, Secretary of the Economic Affairs Division, Muhammad Humair Karim Kidwai, highlighted that the loan agreement under the Insurance Transformation Program is designed to fortify the resilience of Pakistan’s financial sector. The initiative aims to promote sustainable finance through comprehensive reforms. The program is focused on enhancing risk management strategies for both households and businesses, and it seeks to mobilize long-term contractual savings. This is expected to support the development of capital markets and drive economic growth.
Deputy Country Director of ADB, Hussain Haider, stressed the importance of this transformational program, noting its role in liberalizing market entry and ensuring fair competition. The program aims to expand the participation of private insurers in public assets and strengthen both regulation and consumer protection mechanisms.