ADB renews resolve to work with Pakistan on economic challenges

Islamabad: A delegation of Executive Directors of the Asian Development Bank (ADB) of Japan, China and South Korea called on Prime Minister Shehbaz Sharif here Tuesday and renewed ADB’s resolve to continue working closely with Pakistan in addressing its economic challenges.

The prime minister lauded ADB’s longstanding association with Pakistan and for being a reliable partner in the socioeconomic development of Pakistan.

He appreciated ADB’s generous support in the wake of the 2022 floods. This includes the emergency relief grant, Post Disaster Needs Assessment, and pledges made during the Climate Resilience Conference in Geneva.

The prime minister appreciated ADB’s financing across key economic sectors of Pakistan, particularly transport, energy, climate change, and social sector. He expressed the hope that ADB’s would continue its strong partnership with Pakistan in addressing the country’s macroeconomic challenges.

The participants were apprised that the 9th review under the International Monetary Fund (IMF) programme is progressing well with staff-level agreement expected in the next few days.

The prime minister underlined that Pakistan is committed to complete the reforms agreed in the programme.

The ADB’s executive directors expressed their deep satisfaction with the government’s efforts in addressing the huge challenges of the devastation caused by the recent floods.

The meeting was attended by Federal Minister for Economic Affairs Sardar Ayaz Sadiq and relevant senior officials.