ADB CONSIDERING INCREASING ASSISTANCE TO PAKISTAN: ADB PRESIDENT

PRESIDENT of the Asian Development Bank (ADB), Takehiko Nakao, said ADP was actively considering increasing its development assistance to the sectors of infrastructure, roads and railways, port facilities, railways and energy sectors in Pakistan.

President ADB, Takehiko Nakao, met with the Finance Minister, Ishaq Dar, here on Tuesday. Nakao is visiting Pakistan for official talks with the Finance Minister regarding partnership between ADB and Pakistan, and to attend the Central Asia Regional Economic Cooperation (CAREC) conference, which the government of Pakistan is hosting with the collaboration of the ADB on October 25-26.

President Nakao said that given the strong economic credentials of Pakistan, and forecasting the country’s growth trajectory, ADB was actively considering increase its development assistance to the infrastructure and energy sectors in Pakistan. He said the country’s inclusion in the Morgan Stanley Index for emerging economies was the international investor’s testament to the transformation of Pakistan to a stable economy.

ADB President said the completion of the three year IMF reform was being seen as Pakistan’s commitment to economic stability. He said that with high forex reserves, single digit inflation, and high growth projections, ADB considered Pakistan an excellent development partner.

Finance Minister appreciated the leadership of President Nakao in development of pro-growth programs of the ADB. He gave an overview of recent economic developments and the reform process. Dar said the CAREC Ministerial conference will help facilitate further synergy between member states for enhancing economic integration within the Central Asia region.

The minister said Pakistan places a high value on its partnership with ADB. The government is focusing especially on the development of energy and infrastructure projects in the country. He invited the ADB to partner with Pakistan in the development of economically viable infrastructure projects. The minister said the government had successfully put in place policies resulting in a strong macro-economic framework which would provide a platform for higher growth and increased social sector spending.

President ADB offered his condolences on the sad incident that took place in Quetta last night. He said that he was greatly grieved to hear the news of the incident. He also said that such incidents are shocking but the world acknowledges the remarkable resilience shown by the government and people of Pakistan towards elimination of terrorism.