ADB Reaffirms Support for Implementation of Pakistan’s Development Agenda

Vice President Asian Development Bank (ADB), Shixin Chen, has reaffirmed commitment to continue support for strengthening reform programs and implementation of Pakistan’s development agenda, including fiscal management, building resilience, and boosting competitiveness and development of the private sector.

Federal Minister for Finance and Revenue, Shaukat Tarin, held a meeting with Vice President of Asian Development Bank (ADB), Shixin Chen, at Finance Division today. The Country Director ADB, Yong Ye, Secretary Finance, and other senior officers participated in the meeting.

Welcoming Shixin Chen, Minister Shaukat Tarin said that the ADB has always been a source of support in pursuing reform agenda and implementing various development projects for the country. He acknowledged the longstanding partnership and firm commitment of Asian Development Bank as a major partner for bringing essential reforms in priority areas, including energy, fiscal & debt management, and socio-economic development.

The Finance Minister gave an overview of the country’s economic situation and emphasized that the government is committed to introducing reforms in various sectors in the face of various challenges to address the long outstanding structural issues and to attain sustainable and inclusive growth.

The Finance Minister informed that the government has taken steps to improve the revenue collection through the broadening of the tax base, capturing retail sales, single-window operations as well as track and trace system. The minister also shared steps taken to help the underprivileged segment of the society through the Kamyab Pakistan Program, which he said would help achieve self-sufficiency.

Shixin Chen appreciated and supported the efforts taken by the present government in social and economic sectors for improvement in the economy of Pakistan. He re-affirmed Bank’s commitment to continue support for strengthening reform programs and implementation of the country’s development agenda, including fiscal management, building resilience, and boosting competitiveness and development of the private sector.

At the end of the meeting, the Finance Minister thanked Shixin Chen and his team for their continuous support and facilitation.

Pakistan was a founding member of ADB in 1966. ADB has since committed over $36.31 billion to promote inclusive economic growth and improve the country’s infrastructure, energy and food security, transport networks, and social services.

Aligned with the Government of Pakistan’s development vision, ADB’s new country partnership strategy, 2021–2025, focuses on three priorities: improving economic management, building resilience, and boosting competitiveness and private sector development.

Since 1966, ADB has committed $34.36 billion in sovereign loans, $150.5 million in grants, $1.01 billion in non-sovereign financing, $203.7 million in technical assistance projects, and $591 million in ADB-administered cofinancing for Pakistan.