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Washington DC: Pakistan’s Finance Minister met with Mr. Masatsugu Asakawa, President of the Asian Development Bank (ADB), to discuss and strengthen ongoing development collaborations, highlighting several key initiatives and frameworks intended to enhance Pakistan’s economic stability and resilience.
According to Press Information Department, the Finance Minister lauded the ADB’s continued support and the recent establishment of its new office in Islamabad, which symbolizes the strengthening partnership between Pakistan and the ADB. He expressed anticipation for the prompt finalization of the ADB’s Country Partnership Framework, which will outline future cooperative endeavors. The meeting also touched on the completion of the Capital Adequacy Framework and a significant exemption granted to Pakistan, relieving the country from surcharges beyond exposure limits for the next three years.
Further appreciation was expressed for the ADB’s commitment of a USD 500 million Policy-Based Loan aimed at enhancing climate and disaster resilience, which is up for board approval shortly. Both parties reaffirmed the importance of boosting domestic revenue, enhancing regional cooperation, and ensuring the swift operationalization of the new ADB facilities in Islamabad.
This series of initiatives and agreements underscores a mutual commitment to advancing Pakistan’s development agenda through strategic financial support and international cooperation.
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