Pakistan, ADB agree to strengthen partnership for economic growth

ISLAMABAD: Country Director of the Asian Development Bank (ADB) Young Ye called on Minister for Finance & Revenue Muhammad Aurangzeb today to discuss ongoing collaborations and future initiatives aimed at fostering economic development in Pakistan.

Ye congratulated the minister on staff level agreement with the IMF and stated that the market has positively responded to the development.

During the meeting, the minister expressed appreciation for the support provided by ADB over the years. He particularly highlighted ADB’s assistance through Policy Based Lending (PBL) to mitigate the impacts of the pandemic and floods.

Furthermore, the status of ongoing policy-based programs, including the Public-Private Partnership (PPP) Program and the Climate and Disaster Resilience Enhancement Program (CDREP) were also discussed.

Acknowledging ADB’s pivotal role in promoting climate-conscious programs across Asia and the Pacific, the minister emphasized the alignment of ADB’s climate operations with Pakistan’s own climate goals and commitments.

He also outlined the government’s priority areas for achieving macro-economic stability and sustainability, including measures to enhance revenue, SOE reforms, privatization, and public-private partnerships.

Both parties reaffirmed their commitment to strengthening the partnership between Pakistan and ADB, with a shared goal of promoting sustainable economic growth and development in the country.