FinMin Aurangzeb lauds ADB's financial assistance to Pakistan

ISLAMABAD: A delegation of Asian Development Bank (ADB) led by Senior Director Tariq H. Niazi called on Minister for Finance Senator Muhammad Aurangzeb in Islamabad today.

The delegation briefed the Minister on ADB’s initiatives aimed at ensuring stronger macro-fiscal management and effective governance in the Bank’s developing member countries.

The ADB Senior Director said the Bank has a substantial pipeline for Pakistan with significant projects planned for economic reforms and socio-economic development.

The Finance Minister lauded the ADB’s financial and technical assistance to Pakistan over the years.

He said the bank’s priority areas of assistance were aligned with Pakistan’s development needs.

Muhammad Aurangzeb welcomed the Bank’s assistance in building climate resilience and taking forward the agenda of government and pension reforms.

It is worth mentioning here that the Asian Development Bank (ADB) approved a US$500 million policy-based loan to support climate change and disaster risk reduction and resilience in Pakistan.

In a statement issued, the ADB maintained that the Climate and Disaster Resilience Enhancement Program (CDREP) will strengthen Pakistan’s institutional capacity for planning, preparedness, and response; increase inclusive investment in disaster risk reduction and climate resilience; and support the scale up of disaster risk financing using a risk-layered approach.

“Pakistan is one of the most vulnerable countries to climate change and disasters triggered by natural hazards in Asia and the Pacific. Average losses from disaster events exceed US$2 billion per year,” the statement read.