INCHEON: Asian Development Bank (ADB) President Masatsugu Asakawa on Wednesday reaffirmed the Bank’s continued support for Pakistan.
The ADB President made the reaffirmation during a meeting with a Pakistani delegation led by Secretary Economic Affairs Division (EAD), Dr Kazim Niaz. The meeting took place on the sidelines of the 56th Annual Meeting of the Board of Governors of the Bank.
Masatsugu Asakawa 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.
He assured that the Bank would continue support to Pakistan in the areas of domestic resource mobilization, enhancing public-private partnership, promoting women-inclusive finance, and transitioning to renewable energy.
It is pertinent to mention that the ADB Annual Meeting of the Board of Governors brings 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”.
Appreciating the ADB’s long-standing and generous support to Pakistan, the Secretary EAD briefed the president on a series of reforms introduced by the government.
“The key reforms include containing spending, reduction in untargeted subsidies, scaling up social protection, enhancing tax revenues, adherence to market-determined exchange rate and improving the financial sustainability of energy sector,” he said.
The Secretary EAD also welcomed the ADB President’s announcement of the landmark Innovative Finance Facility for Climate in Asia & the Pacific (IF-CAP).
Being one of the top ten most affected countries by the adverse impacts of climate change, he said Pakistan was interested in leveraging the new facility for its mitigation and adaptation efforts.
The Secretary EAD, on behalf of Prime Minster Shehbaz Sharif, extended an invitation to the ADB President to visit Pakistan, which he accepted.