ISLAMABAD, Sep 2 (APP):Asian Development Bank (ADB) on Wednesday hailed Pakistan’s progress in macroeconomic stabilisation, fiscal management and economic stability, while reaffirming its readiness to expand cooperation with the government on structural reforms, SME value chain financing, and other sectoral priorities areas. ADB Vice President for South, Central and West Asia, Yingming Yang, called on Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, along with his team, and discussed …
Finance minister, ADB VP discuss expanded cooperation as ADB hails economic progress
ISLAMABAD, Sep 2 (APP):Asian Development Bank (ADB) on Wednesday hailed Pakistan’s progress in macroeconomic stabilisation, fiscal management and economic stability, while reaffirming its readiness to expand cooperation with the government on structural reforms, SME value chain financing, and other sectoral priorities areas.
ADB Vice President for South, Central and West Asia, Yingming Yang, called on Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, along with his team, and discussed Pakistan–ADB cooperation, investment, SME value-chain financing and other development priorities.
Yingming Yang congratulated the minister and government’s progress in macroeconomic stabilisation and commended the improvements achieved in fiscal management, the external account and overall economic stability, according to press release issued by finance ministry,.
He also appreciated the positive developments in Pakistan’s sovereign credit ratings, describing the progress as evidence of the country’s continued reform efforts and improved economic fundamentals.
Yang reaffirmed ADB’s commitment to supporting Pakistan’s development priorities and noted the strong alignment between the Bank’s strategic priorities and the government’s reform agenda.
The ADB Vice President highlighted the importance of maintaining fiscal prudence while supporting Pakistan’s transition towards sustainable growth.
Meanwhile, Aurangzeb appreciated ADB’s longstanding partnership with Pakistan and its continued support for the government’s reform agenda. He highlighted the importance of institutionalising reforms in areas including domestic resource mobilisation, public finance, energy, insurance, pensions and other key sectors to establish a sustainable growth trajectory.
Senator Muhammad Aurangzeb noted that the Government’s focus was now shifting from macroeconomic stabilisation towards sustainable and inclusive growth, with greater emphasis on investment, exports, employment generation and private-sector participation.
He welcomed ADB’s expanding engagement beyond sovereign financing, including support for private-sector operations and public-private partnerships.
Access to finance, particularly for small and medium enterprises (SMEs), was discussed as an important component of Pakistan’s growth and export strategy. Aurangzeb highlighted the government’s efforts to expand financing for SMEs and strengthen their capacity to contribute to employment, investment and exports.
The importance of integrating SMEs into global value chains and enhancing their competitiveness was also underscored. The meeting also reviewed the insurance transformation programme, public-private partnership initiatives and efforts to improve project readiness and implementation capacity.
The Finance Minister further stressed the need to mobilise greater domestic and private capital, including through innovative financing structures, co-financing and stronger participation of international development and financial institutions.
He highlighted the potential for expanding cooperation in infrastructure, transport, clean energy, water resource management, climate resilience and other priority areas.
Senator Muhammad Aurangzeb welcomed ADB’s continued engagement under Pakistan’s Country Partnership Strategy and stressed the importance of aligning future support with the Government’s priorities of private-sector-led growth, export competitiveness, access to finance, infrastructure development, climate resilience and social protection.
The discussion also covered pension reforms and institutional strengthening, with the Finance Minister appreciating ADB’s continued technical support. Both sides discussed ongoing and pipeline policy-based operations, recognising their role in supporting key structural reforms and long-term economic transformation.
