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Pakistan, ADB reiterate to expand economic portfolio

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ISLAMABAD, Pakistan: The Federal Minister for Economic Affairs Khusro Bakhtiar held a virtual meeting with the new Director General, the Central and West Asia Department of the Asian Development Bank (ADB) Mr. Yevgeniy Zhukov.

The Secretary Economic Affairs Division and the Country Director ADB Ms. Xiaohong Yang also joined the meeting.

The Minister appreciated ADB’s role as a trusted development partner of Pakistan especially in terms of the quality of the portfolio and support keeping in view the emerging needs of the Country that includes ADB’s timely support to fight the COVID-19 pandemic.

The Minister highlighted that despite challenges posed by COVID-19 and worldwide contraction, the key economic indicators are showing encouraging results owing to the government’s strong commitment for structural reforms.

The DG acknowledged the government of Pakistan’s commitment to the reform process and economic recovery.

He reiterated ADB’s commitment to work closely with the government of Pakistan to develop more meaningful projects aligned with the Country’s needs and regulatory frameworks.

Both sides discussed and agreed to expand cooperation in the areas of Trade and Competitiveness, Social Protection (Ehsaas Program), Public-Private Partnership, operationalization of the EXIM Bank, and Domestic Resource Mobilization.

The DG and the Minister agreed to continue discussing ways to deepen ADB and Pakistan’s development partnership and ensure the effectiveness of the ongoing portfolio.

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