The Government of Pakistan and Asian Development Bank have signed a Policy-Based Loan (PBL) amounting to 700 million dollars, including 250 million dollars, on concessional terms.

Speaking on the occasion, Secretary Economic Affairs Division Muhammad Humair Karim Kidwai said that Policy-Based Loan under the Insurance Transformation Program aims to strengthen the resilience of Pakistan's financial sector and promote sustainable finance through comprehensive reforms.

He said the program seeks to enhance risk management mechanisms for households and businesses while mobilizing long-term contractual savings to support capital market development and economic growth.

Deputy Country Director ADB Hussain Haider emphasized the significance of this transformational program as it aims to liberalize market entry, ensure fair competition, expand private insurer participation in public assets, and strengthen regulation and consumer protection.