Govt seeks $1b ADB climate loan

The government has decided to take a $1 billion budget support loan for making policies to deal with climate disaster but deferred approval of a $40 million project due to exorbitant rates quoted for buying furniture and laptops by using a foreign loan. The Central Development Working Party (CDWP) approved the concept clearance proposal for taking the $1 billion loan from the Asian Development Bank (ADB) under the second tranche of the Climate Disaster Resilience Enhancement Programme (CDREP). Planning Minister Ahsan Iqbal chaired the meeting, and its endorsement of the proposal would pave the way for approval by the ADB. Out of the $1 billion, $500 million would be immediately released after approval by the ADB board, and the remaining amount is linked with needs arising out of any natural calamity. Government officials said the $500 million tranche disbursement is expected before June,...