President ADB reaffirms support to Pakistan

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Islamabad, May 03, 2023 (PPI-OT): Mr. Masatsugu Asakawa, President, Asian Development Bank (ADB), in his meeting with the Pakistan delegation led by Dr. Kazim Niaz, Secretary, Economic Affairs Division (EAD), reaffirmed ADB’s continued support to Pakistan.

The meeting took place on the side-lines of the 56th Annual Meeting of the Board of Governors. President ADB reposed his trust in Pakistan’s reform agenda and appreciated the required tough stabilization measures taken by the government to bring about macroeconomic stability in the country.

President ADB assured Pakistan of its continued support in the areas of Domestic Resource Mobilization, enhancing Public Private Partnership, promoting Women Inclusive Finance and Energy Sector reforms. The ADB Annual Meetings bring together senior leadership from the member countries to discuss the emerging issues of global concern, including food security, climate change, and dealing with external shocks.

The central theme of the 56th meeting is “Rebounding Asia: Recover, Reconnect, and Reform”. While appreciating ADB’s long-standing and generous support to Pakistan, Secretary EAD briefed the President on a series of reforms introduced by the government.

The key reforms include containing spending, reduction in untargeted subsides, scaling up social protection, enhancing tax revenues, adherence to market determined exchange rate, and improving the financial sustainability of the energy sector.

Secretary EAD also welcomed the President ADB’s announcement of the landmark Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP). Being one of the top ten most affected countries by the adverse impacts of climate change, Pakistan is interested in leveraging the new facility for its mitigation and adaptation efforts. Secretary EAD, on behalf of the Prime Minister of Pakistan, extended an invitation to President ADB to visit Pakistan, which he accepted.

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