ADB to Give Pakistan $10 Billion for Development
The Asian Development Bank has decided to provide Pakistan with $10 billion over the next 5 years for its economic recovery and development.
A virtual meeting was held between the Federal Minister for Economic Affairs Makhdum Khusro Bakhtyar and Asian Development Bank (ADB) Vice President Shixin Chen. Other attendees included Secretary Economic Affairs Division Noor Ahmad and ADB’s Country Director.
The meeting also discussed the County Operations Business Plan (COBP 2021-2023) and ADB’s ongoing support for Pakistan’s reforms programme. An official statement quoted ADB’s President Shixin Chen as appreciating the government’s strategy to counter the challenges of the COVID-19 pandemic. He also reiterated the bank’s commitment and dedication to support Pakistan government’s reform agenda and to help in speeding up the economic recovery process. “ADB plans to provide Pakistan about $10bn in fresh assistance for various development projects and policy-based programs over the next five years under its new CPS.”
A national coordination committee had also been constituted to ensure timely implementation and completion of projects and smooth disbursement of loan and grant components.
Federal Minister for Economic Affairs Makhdum Khusro Bakhtyar told the ADB side that the proposed CPS framework was parallel with priorities of the present government with a greater focus on improving economic management, increasing competitiveness and building resilience. This will help with private sector development, allow Pakistan to unleash the growth potential of public-private partnership (PPP) sector and help a faster post-COVID-19 recovery.
The two sides agreed to continue discussing ways to deepen ADB and Pakistan’s development agreement and ensure the effectiveness of the current scheme.
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