ADB may increase its development assistance in Pakistan

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ADB may increase its development assistance in Pakistan

ISLAMABAD, Oct 25 (APP): President Asian Development Bank (ADB) Takehiko Nakao here on Tuesday said that given the strong economic credentials of Pakistan and forecasting the country’s growth trajectory,
the ADB was actively considering to increase its development assistance in infrastructure, roads and railways, port facilities, railways and
energy sector in Pakistan.
The visiting ADB President stated this during a meeting with Minister for Finance, Senator Muhammad Ishaq Dar here this morning for official talks.
The Finance Minister on the occasion welcomed the guest and felicitated him on his nomination for a second term as the President of the Asian Development Bank.
He appreciated the leadership of President Nakao in development of pro growth programmes of the ADB, a statement of Finance Ministry issued here said.
The Finance Minister also expressed his grief and sadness on the latest attack on Police Training College in Quetta.
President ADB, Nakao 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 for eliminating terrorism.
President Nakao is visiting Pakistan for official talks with the Finance Minister on the Asian Development Bank’s country partnership and for attending the 15th Central Asia Regional Economic Cooperation (CAREC) conference which the government of Pakistan was hosting in collaboration with ADB on October 25 and 26.
The Finance Minister gave an overview of recent economic developments that have taken place in Pakistan and the reform process which the government has rigorously followed to revamp the economy.
ADB President congratulated the Finance Minister for leading the reforms under the IMF programme.
Speaking about plans of the Asian Development Bank on future cooperation with Pakistan, he said that the completion of the three year IMF reform was seen as Pakistan’s commitment to economic stability.
He said that with high forex reserves, single digit inflation, and high growth projections ADB considers Pakistan an excellent development partner.
The Finance Minister in his remarks said that Pakistan places a high value on its partnership with ADB.
He said that the government was placing special focus on the development of energy and infrastructure projects in the country.
He invited the ADB to partner with Pakistan in development of economically viable infrastructure projects.
The Minister said that the government has successfully put in place policies resulting in a strong macro economic framework which will provide a platform for higher growth and increased social sector spending.
President ADB said that given the strong economic credentials of Pakistan and forecasting the country’s growth trajectory, the ADB is actively considering to increase its development assistance in infrastructure, roads and railways, port facilities, railways and energy sector in Pakistan.
He said that Pakistan’s inclusion in the Morgan Stanley Index for emerging economies was a testament of international investors to the transformation of Pakistan to a stable economy.
Senator Ishaq Dar expressed hope that the CAREC Ministerial conference will help facilitate further synergy between member states for enhancing economic integration within the Central Asia region.
The meeting was attended by Governor SBP, Secretary Economic Affairs Division (EAD), Secretary Finance, Secretary Water & Power, Secretary Statistics, Vice President Asian Development Bank, Alternate Executive Director for Pakistan to ADB Same Saeed and senior officials from the Asian Development Bank.