Pakistan seeks $1bn budgetary support from ADB.

Pakistan's economy is going through tough times and as per the norm the country is back on the International Monetary Fund's (IMF) doorstep. Technical teams of the IMF and Pakistan are locked in negotiations for a bailout package and hope to strike a deal by May 10.

A lot is riding on this package and the Asian Development Bank (ADB) has also hinted at providing budgetary support following an agreement on the IMF programme.

"This time there is a request for budget support of close to $1 billion, in addition to the IMF programme," said ADB President Takehiko Nakao while addressing a press conference at the ADB's 52nd Annual Meeting.

He said Pakistan may witness the restoration of budgetary support, in addition to other loans provided by the ADB.

Pakistan's budgetary support has remained suspended for the past over two years due to the deterioration of macroeconomic conditions. The Manila-based lending agency requires a Letter of Comfort from the IMF to accept the request.

If there is a programme, we are very happy to provide budget support and loans, quite soon and another one can be a step further.

Highlighting that the lending agency has very large operations in Pakistan, the ADB president said he...