ISLAMABAD: Minister for Finance and Revenue Senator Muhammad Aurangzeb, during his meeting with the visiting President of the Asian Development Bank (ADB), Masato Kanda, underscored Pakistan’s priorities for deeper collaboration with the regional development financial institution across key areas, including energy transition, climate resilience, transport and logistics, human capital development, and resource mobilization.
The meeting was attended by senior officials from the Ministry of Finance, Federal Board of Revenue, Ministry of Economic Affairs, and the senior management team from ADB, including Country Director ADB Pakistan Ms. Emma Fan, Director General of the Central and West Asia Regional Department Leah Gutierrez, and Pakistan’s Executive Director to ADB, Noor Ahmed.
The minister highlighted Pakistan’s steady economic progress despite multiple challenges in recent years. He underlined that Pakistan had successfully stabilized its macroeconomic framework, with inflation declining sharply, a turnaround in the current account, and recent upgrades in Pakistan’s sovereign ratings by international credit agencies, which have helped lower the cost of borrowing.
The minister acknowledged ADB’s continued and substantial support to Pakistan in recent years, pointing to the Bank’s strong backing for reforms in resource mobilization, women’s financial inclusion, disaster risk financing, and the clean energy transition.
He also recognized ADB’s contributions to strengthening Pakistan’s agriculture insurance, transport and connectivity infrastructure, and ongoing support for building resilience in the financial sector.
Looking to the future, Aurangzeb underscored Pakistan’s priorities for deeper collaboration with ADB across key areas, including energy transition, climate resilience, transport and logistics, human capital development, and resource mobilization.
He welcomed ADB’s strong medium-term commitment to Pakistan and encouraged enhanced collaboration in policy-based financing, capital markets development, private sector participation, and innovative instruments such as Green Bonds, blended finance, and Debt-for-Nature swaps.
He also emphasized the importance of ADB’s partnership in supporting the government’s PPP pipeline and sectoral reforms to build long-term resilience.
Aurangzeb reaffirmed Pakistan’s strong commitment to reforms in taxation, tariff rationalization, SOE restructuring, and regulatory modernization, while appreciating ADB’s role as a dependable and long-standing development partner.
He extended an invitation for enhanced collaboration under the upcoming ADB Country Partnership Strategy 2026–2035, aligned with Pakistan’s medium-term development priorities.
Meanwhile, the ADB President expressed appreciation for Pakistan’s economic reforms and resilience, commending the progress achieved in stabilizing the economy and advancing structural reforms.
He assured ADB’s continued support in key areas, including climate change adaptation, population challenges, infrastructure development, and resource mobilization.
He also welcomed Pakistan’s efforts towards market diversification and pledged ADB’s readiness to assist in the launch of the inaugural Panda Bond and other innovative financing instruments.
The president reaffirmed ADB’s willingness to partner with Pakistan on its reform agenda, emphasizing that ADB would continue to work closely with the government of Pakistan to ensure sustained progress and prosperity.
The meeting concluded with a strong reaffirmation of mutual commitment to advancing the Pakistan–ADB development partnership in the years ahead.
