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Pakistan achieves over $1b disbursement from ADB during FY2018

Pakistan achieves over $1b disbursement from ADB during FY2018

ISLAMABAD: Tomoyuki Kimura, Director General Strategy, Policy & Review Dept, Asian Development Bank (ADB) on Wednesday called on Finance Minister Asad Umar.

The Finance Minister on the occasion said that ADB’s continued support and pro-active approach has further strengthened its relationship and partnership with Pakistan, which is now at a historic high level. Pakistan achieved more than 1 billion USD disbursement from ADB during FY2018 which is the highest disbursement amongst all multilateral development partners. Minister Asad said the present government is taking various measures and reforms that will help the country steer out of current economic situation on both fronts i.e. external economic challenges including trade deficit, low FDI and forex reserves. As regards domestic challenges, we are focusing on fiscal consolidation, monetary policy and financial inclusion. He appreciated ADB’s recently approved Country Operations Business Plan (COBP) 2019-2021 for Pakistan with an indicative assistance of 7.5 billion USD.

DG ADB apprised the Finance Minister about salient features of the ADB 2030 strategy. He dilated on different new lending products including special policy based lending. Discussion also focused on private sector lending. He said ADB will also provide programme lending facility to Pakistan to the tune of $ 2.3 billion in the next three years, starting 2019, in the spheres of future energy sector development, trade and competitiveness and capital market development. This lending facility, it may be added, is part of the COBP.

Finance Minister thanked Mr. Tomoyuki Kimura for the provision of technical assistance in capacity building of personnel in Finance and Economic Affairs Divisions. He also appreciated the pro-active role of the ADB’s Pakistan Resident Mission under the leadership of Ms. Xiaohong Yang  for promoting Pak-ADB economic partnership.