Islamabad: Prime Minister Shehbaz Sharif on Wednesday directed the concerned authorities to engage all provinces and incorporate their suggestions into the preparation of the development budget for next year.

While speaking to Sindh Chief Minister Murad Ali Shah in Islamabad on Wednesday, he emphasized that coordination between the Federation and all provinces is inevitable for restoring the national economy, adding that economic stability is the government's top priority.

The Prime Minister stressed the need for unity to resolve the national issues for overall progress and prosperity of the country.

During the meeting, the Prime Minister directed the concerned Federal Ministers to find a lasting solution to the economic-related issues of the Sindh government.

Shehbaz Sharif also instructed the authorities concerned to expedite the pace of work on ongoing development projects in Sindh.

Islamabad: The Asian Development Bank (ADB) on Wednesday priced a 2-year global benchmark United States (US) dollar bond worth $3.5 billion, proceeds of which will be part of ADB’s ordinary capital resources.

“We are grateful for the consistently robust support from our investor community that resulted in an orderbook of over $9 billion and enabled the issuance of a $3.5 billion global benchmark bond with 2-year maturity,” said ADB Treasurer Pierre Van Peteghem, according to a statement received here.

“This will help support ADB’s commitment to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific,” Peteghem said.

The 2-year bond, with a coupon rate of 4.875% per annum payable semi-annually and a maturity date of 21 May 2026, was priced at 99.904% to yield 9.9 basis points over the 4.875% US Treasury notes due April 2026.

The transaction was lead-managed by Credit Agricole CIB, Deutsche Bank, J.P. Morgan, and Nomura.

The issue achieved wide primary market distribution, with 51% placed in the Americas; 38% in Europe, Middle East, and Africa; and 11% in Asia. By investor type, 66% went to central banks and official institutions, 19% to banks, and 15% to fund managers and other types of investors.

ADB plans to raise about $30 billion–$34 billion from the capital markets in 2024, the press release added.

Islamabad: Pakistan team on Wednesday reached the final of the Central Asian Volleyball League here at the Liaquat Gymnasium of Pakistan Sports Complex on Wednesday.

 Pakistan defeated Kyrgyzstan in the semifinals with a convincing 3-0 set victory, winning 25-18, 27-25, 27-25. This marks Pakistan’s fourth consecutive win in the tournament. The Pakistan Volleyball Federation is hosting the event, where Pakistan has continued its winning streak, defeating Kyrgyzstan with its aggressive gameplay.

Pakistan has already defeated Turkmenistan, Afghanistan, and Sri Lanka in previous matches. In another match, Sri Lanka beat Iran by 3-0 with a score of 25-22, 25-17, 25-21.

Meanwhile, Turkmenistan outplayed Afghanistan by 3-1 in sets, winning the match 18-25, 33-31, 25-17, 25-17. Pakistan would face Iran in the final round of matches on Thursday.