PM Shehbaz apprises ADB of reforms to revive economy

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif informed Asian Development Bank (ADB) President Masatsugu Asakawa about a ‘series of reforms’ introduced by the government for reviving the economy.

Speaking to Asian Development Bank (ADB) President Masatsugu Asakawa who called PM Shehbaz along with the delegation.

A press statement issued here read that the prime minister apprised the delegation that the key reforms included enhancing tax revenues, improving the financial sustainability of the energy sector, enhancing climate resilience, reduction in untargeted subsidies, and scaling up social protection.

The prime minister told the ADB president and the delegation  that he is personally overseeing the progress of these reforms to ensure their successful implementation and long-term impact, underscoring the Government’s commitment to sustainable economic growth and stability.

PM Shehbaz also appreciated ADB’s generous support of over US$ 1.5 billion in response to the devastating floods of 2022. He showed Pakistan’s keen desire to work with development partners in climate resilience projects including agriculture.

Read More: Reforms underway to increase investment in Pakistan: PM Shehbaz

The prime minister and president of ADB also witnessed the loan signing of the Sindh Emergency Housing Reconstruction Project amounting to US$400 million and Khyber Pakhtunkhwa Rural Roads Development Project worth US$320 million. Both these projects are part of the ADB’s flood commitments

During the discussions, Masatsugu Asakawa praised Pakistan’s long-standing relationship with ADB as one of its founding members.

Masatsugu Asakawa also commended the government for its comprehensive reforms and reaffirmed ADB’s continued support for Pakistan, said a press statement. He also reaffirmed ADB’s support for infrastructure development, climate resilience, and institutional reforms in Pakistan.

Federal Ministers for Planning & Development, Investment & Privatization, Economic Affairs, Finance & Revenue and other senior government officials also attended the meeting.