The Union Ministry of Finance has denied media reports claiming that Finance Minister Nirmala Sitharaman has demanded fund cuts to Pakistan amid rising tensions with India following the Pahalgam terror attack.
“It is clarified this news is incorrect and has no basis in fact,” the ministry said in a statement on X.
Earlier, several media houses had reported that Sitharaman had demaded from Asian Development Bank President Masato Kanda the halting of funds to Pakistan. Reports also suggested that she made the same request to her Italian counterpart Giancarlo Giorgetti.
The reports suggested that Sitharaman made the requests on the sidelines of the 58th ADB Annual Meeting in Italian city of Milan.
Financial aids to Pakistan
As of December 31, 2024, ADB has committed 764 public sector loans, grants, and technical assistance totalling $43.4 billion to Pakistan. ADB’s current sovereign portfolio in Pakistan includes 53 loans and 3 grants worth $9.13 billion.
As per United Nations Development Programme website, the Italian Development Cooperation is an essential UNDP partner in Pakistan and across the world. “Some of Italy’s major initiatives and contributions are in Pakistan,” UNDP website read.
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