ISLAMABAD: Federal Minister for Economic Affairs, Makhdum Khusro Bakhtyar on Saturday hailed the Asian Development Bank’s (ADBs) report on recovery of Pakistan’s economy, which he said was highly encouraging.
The minister welcomed the ADB’s Asian Development Outlook Supplement (December, 2020) which highlights improvement in mobility and economic activities in Asia and the Pacific Region despite the persistent challenge of Covid-19, said a press release issued by Ministry of Economic Affairs.
In its ADO Supplement, ADB has also revised growth projections for South Asia from -6.8pc to -6.1pc for 2020.
While commending Pakistan’s performance, ADB stated that Pakistan’s economy was recovering, particularly in the manufacturing and construction sectors, supported by the government emergency relief measures.
Khusro highlighted that Pakistan’s economic performance was remarkable in the context of second wave of Covid-19 and persistent growth contraction worldwide, adding that pre-COVID improvements in macroeconomic fundamentals and strong policy response during the pandemic helped save lives and livelihoods.
“The economy is poised to pick up from where it was before the Covid-19 outbreak,” he added.
He also mentioned that Large Scale Manufacturing (LSM) expanded by 4.8pc YoY in Q1FY21 against a contraction of 5.5pc in the corresponding period last year.’;p
He said the robust momentum of economic recovery was evident from growing production of cement, textile, automobile and home appliances in the first five-months of this fiscal year.
“This revival of industrial growth has also created huge employment opportunities and surpassed the pre-corona level,” he added.
The report also states that Pakistan’s Foreign Direct Investment (FDI) has also witnessed 150pc YoY increase in October 2020.
During the first five-months of FY21, workers’ remittances have reached an unprecedented level of $11.77 billion, 26.9pc higher than the same period last year.
This increase in external inflows reflects the confidence of international investors, business community and overseas Pakistanis on the successful policies of the present government.
The minister also appreciated the ADB for launching a $9 billion vaccine initiative under Asia Pacific Vaccine Access Facility (APVAX) under which member countries can access rapid financing facility from ADB for procurement and delivery of Covid-19 vaccine.
APVAX will play a critical role in helping our developing members to overcome the corona pandemic and bring them back on a path of economic growth and sustainable development.
Pakistan may access this emergency financing facility for vaccine procurement to the extent needed.
