Tbilisi: Asian Development Bank (ADB) President Masatsugu Asakawa confirmed ADB’s support to Pakistan in a meeting with a Pakistani delegation led by Federal Minister of Economy Ahad Khan Cheman. The meeting was held as part of the 57th annual meeting of the Board of Governors.
The ADB president expressed confidence in Pakistan’s reform agenda and praised the government’s strong stabilization measures to ensure macroeconomic stability in the country. The president assured ADB support of Pakistan in promoting public-private partnerships, climate and disaster resilience, domestic resource mobilization, and women-inclusive financial and energy sector reforms.
FAO’s annual meeting brings together top leaders of member countries to discuss emerging global issues related to food security, climate change and external shocks. The main theme of the 57th meeting was “Links to the Future”.
Appreciating ADB’s long standing and generous support to Pakistan, Minister Ahad Chema briefed the President on various reforms introduced by the government. Key reforms include increasing tax revenues, improving the financial stability of the energy sector, reducing unplanned subsidies and expanding social protection. Minister Ahad Chema praised ADB’s institutional and capital reforms, the successful completion of the Capital Adequacy Framework review and the opening of additional financing of $100 billion in the next 10 years to support developing member countries. He called on the European Union to focus additional resources on high-impact activities, including climate action for the most vulnerable countries.
Minister Ahad Chema on behalf of the Prime Minister of Pakistan extended an invitation to the President of ADB to visit Pakistan.
Earlier, Minister Ahad Chema said in his speech at the working session of the ADB Board of Governors that the government of Pakistan is committed to a comprehensive plan to unlock Pakistan’s economic development potential. As a result of the reform, “the economy is now on the path to recovery, with inflation increasing and some economic growth recovering,” he said. He stressed the need for stronger support from ADB in the areas of climate change, domestic resource mobilization, human capital development and food security.
Minister Ahad Cheema also met senior executives of the Asian Infrastructure Investment Bank and the European Investment Bank to discuss ongoing development packages in Pakistan and priorities for future support. He also held meetings with bilateral development partners such as the United Kingdom, Germany and the United States to further strengthen bilateral cooperation on key priorities of the Government of Pakistan, including the tax system, energy infrastructure and ending climate change.
