ISLAMABAD: Asian Development bank has postponed the approval of the second $400 million tranche of energy sector reforms due to the government’s inability to meet many of the preconditions.
According to details, this is the second tranche of a $2 billion loan which has to be given for energy sector reforms.
Due to the government’s inability to meet many of the preconditions that it had promised to deliver on before the lender’s most recent board meeting, the bank has postponed the tranche.
As of now, the Board of Directors of the Manila-based lending agency will not take up Pakistan’s case for approval of a $400 million loan in its June 29 meeting, according to officials at the Finance Ministry.
The ADB’s decision to defer the approval deals a blow to the government that has been making claims of progress on the energy front.
