ADB to provide $2bn to Pakistan under 3-year strategy

ISLAMABAD: The Asian Development Bank (ADB) will provide $2 billion to Pakistan under the 3-year Country Partnership Strategy.

As per details, ADB Country Director Yong Ye paid a courtesy call on Federal Minister for Finance and Revenue Shaukat Tarin at the Finance Division earlier this week during which he was briefed on the reform process in the power sector as well as efforts to enhance revenue collection that are bearing fruit. 

Tarin assured Ye that the government is firmly committed to pursue all-inclusive and sustainable economic growth with efficiency, productivity and meritocracy as its hallmarks. 

The finance minister also apprised about formation of short, medium and long-term plans under the umbrella of Economic Advisory Council (EAC) which has prepared recommendations to bring structural reforms in 14 sectors of the economy over the period of time.

He underlined the key features of the Kamyab Pakistan Program (KPP) to be launched soon. “The programme will disburse microcredit to 3.7 million under-privileged households for promoting financial empowerment under various schemes.”

In his remarks, the ADB country director briefed about approval of a vaccine support project for Pakistan to the tune of $500 million, out of which $314 million have already been disbursed. 

Under the 3-year Country Partnership Strategy approved for Pakistan, $2 billion will be provided for each of the three years. Moreover, ADB is looking at various options to support Pakistan through a single window.

“This will add value to the already existing working equation between Pakistan and ADB,” ye said.

In his concluding remarks, the finance minister commended the support extended by the Bank during testing times and affirmed to identify priority areas for further strengthening the working equation between the two sides.