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Asian Development Bank and Pakistan to strengthen partnership

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Federal Minister for Economic Affairs, Makhdum Khusro Bakhtyar, held a virtual meeting with the new Director-General Central and West Asia Department of the Asian Development Bank (ADB), Yevgeniy Zhukov.

During the meeting, both sides decided to expand cooperation in the areas of trade and competitiveness, social protection, public private partnership, operationalisation of the Exim Bank, and domestic resource mobilisation.

The bank expressed commitment to work closely with the government of Pakistan to develop more meaningful projects aligned with the country’s needs and regulatory frameworks.

The minister acknowledged ADB’s role as a trusted development partner of Pakistan. He appreciated the role that the ABD has played in terms of the quality of the portfolio and support keeping in view the emerging needs of the country that includes ADB’s timely support to fight the COVID-19 pandemic.

“Despite challenges posed by COVID-19 and worldwide contraction, the key economic indicators are showing encouraging results owing to the government’s strong commitment for the structural reforms,” he said in a statement.

Both sides agreed to hold meetings to discuss ways to strengthen ADB and the country’s development partnership and ensure effectiveness of the ongoing portfolio. In January 2012, ADB had announced a new five-year loan program worth $10 billion to assist Pakistan in restoring economic stability and growth, enhance people’s wellbeing, generate jobs and expand economic opportunities.

The Asian Development also announced a $300 million loan for Pakistan to finance the construction of a 300-megawatt hydropower plant near Balakot on Tuesday.

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Batool Imami

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