Pakistan, ADB agree to enhance cooperation to boost economic growth

Federal Minister for Finance & Revenue, Muhammad Aurangzeb and Country Director of the Asian Development Bank (ADB), Young Ye have reiterated to further enhance bilateral cooperation to foster economic growth. 

The ADB’s country director called on the finance minister here on Thursday and discussed with him the ongoing collaborations and future initiatives aimed at fostering economic development in Pakistan.

They reaffirmed their commitment to strengthening their partnership, with a shared goal of promoting sustainable economic growth and development in the country, according to a press statement issued by the Ministry of Finance.

Furthermore, the status of ongoing policy-based programs, including the Public-Private Partnership (PPP) Program and the Climate and Disaster Resilience Enhancement Program (CDREP) were also discussed.

Young Ye, congratulated the Minister for Finance and Revenue on the staff-level agreement with the International Monetary Fund (IMF) and stated that the market has positively responded to the development.

During the meeting, Minister Aurangzeb expressed appreciation for the support provided by ADB over the years. He particularly highlighted ADB’s assistance through Policy Based Lending (PBL) to mitigate the impacts of the pandemic and floods.

Acknowledging ADB’s pivotal role in promoting climate-conscious programs across Asia and the Pacific, the Minister emphasized the alignment of ADB’s climate operations with Pakistan’s own climate goals and commitments.

The minister outlined the government’s priority areas for achieving macro-economic stability and sustainability, including measures to enhance revenue, SOE reforms, privatization, and public-private partnerships.