ADB reaffirms resolve to proceed working with Pakistan amid financial challenges

A delegation of executive directors of the ADB calls on Prime Minister Shehbaz Sharif in Islamabad on February 28, 2023. — PID
A delegation of govt administrators of the ADB calls on Prime Minister Shehbaz Sharif in Islamabad on February 28, 2023. — PID
  • A delegation of govt administrators of ADB calls on prime minister. 
  • PM Shehbaz lauds ADB longstanding affiliation with Pakistan.
  • Appreciates financial institution’s financing throughout key financial sectors. 

ISLAMABAD: The Asian Development Bank (ADB) on Tuesday renewed its resolve to proceed working carefully with Pakistan in addressing the financial challenges being confronted by the crisis-hit nation.

The event got here throughout a gathering between Prime Minister Shehbaz Sharif and a delegation of the manager administrators of the ADB of Japan, China and South Korea in Islamabad.

Talking on the event, the premier lauded ADB’s longstanding affiliation with Pakistan and for being a dependable accomplice within the socioeconomic growth of the nation.

He appreciated the ADB’s beneficiant help within the wake of the 2022 floods. This contains the emergency reduction grant, post-disaster wants evaluation, and pledges made in the course of the local weather resilience convention in Geneva.

The prime minister additionally lauded ADB’s financing throughout key financial sectors of Pakistan, notably transport, vitality, local weather change, and social sector. He expressed the hope that the financial institution would proceed its sturdy partnership with Islamabad in addressing the nation’s macroeconomic challenges.

The members had been apprised that the ninth evaluate below the Worldwide Financial Fund (IMF) programme is progressing nicely with a staff-level settlement anticipated within the subsequent few days.

The prime minister underlined that Islamabad is dedicated to finish the reforms agreed upon within the programme.

The ADB’s govt administrators expressed their deep satisfaction with the federal government’s efforts in addressing the large challenges of the devastation brought on by the current floods.

Floods brought on by irregular monsoon rains and a melting glacier submerged big swathes of the nation earlier this yr and killed almost 1,700 individuals, nearly all of them kids and girls.

It’s pertinent to say right here that the ADB and Pakistan had signed a $475 million mortgage settlement for flood reduction, taking the whole for the yr to $2.7 billion with the company in December final yr.

The financial affairs minister had stated the concessionary ADB mortgage was signed on the price of 1% for a interval of 40 years.

— Further enter from Reuters

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