ISLAMABAD – Asian Development Bank (ADB) Vice-President Wencai Zhangaffirmed ADB’s support for the Government of Pakistan’s new development andreform agenda during his 2-day visit to the country from October 4 to 5.
Zhang met with Finance Minister Asad Umar, Planning and DevelopmentMinister Khusro Bakhtiar, Education Minister Shafqat Mehmood, Adviser toPrime Minister on Institutional Reforms Dr. Ishrat Hussain, as well asother government officials and development partners.
In his meetings, Zhang congratulated the new administration on assumingoffice and noted the government’s “100-day agenda” that prioritizesrevitalizing economic growth, transforming governance and revolutionizingsocial services, said a statement issued by ADB on Friday.
“ADB and Pakistan have a more than 50-year history of strong partnership,”said Mr. Zhang. “We are committed to deepening our cooperation with the newgovernment and supporting its development agenda to bring prosperity to thepeople of Pakistan.”
Under the current country partnership strategy (CPS), 2015–2019 and thecountry operations business plan, 2018 -2020, ADB is focused on ensuringhigh, sustained, and inclusive growth for Pakistan.ADB plans to significantly increase the country’s sovereign operations to$7.1 billion over 3 years. Along with its continued focus on energy,infrastructure development, and institutional reforms, ADB is alsoreengaging in education and health, and social safety net through incomesupport program.
Zhang noted the country’s economic growth momentum in recent years, drivenby domestic demand and improvements in security, energy supply, and publicinfrastructure projects.However, the widening current account and fiscal deficits are keychallenges to the economy. He stressed the importance of economic stabilityand offered ADB’s support in improving Pakistan’s competitiveness, promoteprivate sector, increase trade openness, and transform the institutions andeconomy.
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Pakistan is an important member of the Central Asia Regional EconomicCooperation (CAREC) to which ADB is extending programmatic support todeepen regional economic integration. Ahead of the CAREC MinisterialConference in Ashgabat, Turkmenistan, in November, Mr. Zhang said ADB iswilling to support Pakistan in developing economic corridors within theframework of CAREC and ADB’s Strategy 2030.
“ADB will help Pakistan upgrade its transport networks and tradefacilitation with neighboring countries and transform the physicalconnectivity gains into economic gains through the promotion anddevelopment of economic corridors and special economic zones,” he said.
ADB has committed over $32 billion in project and technical assistance toPakistan as of 30 September 2018. – APP
