Pakistan, June 21 -- Pakistan has signed a $700 million loan agreement with the Asian Development Bank to support financial sector reforms. The deal is aimed at strengthening the insurance sector and advancing policy-based reforms under a broader development programme. The agreement is significant for Pakistan's economic restructuring and fiscal stability efforts.

According to the Ministry of Economic Affairs, $250 million of the total amount will be provided on concessional terms. The financing falls under the Insurance Transformation Programme's sub-program SP1. Officials said the initiative is designed to modernise Pakistan's insurance framework and improve regulatory efficiency.

The agreement was signed by Secretary Economic Affairs...