ISLAMABAD: The Government is focusing on economic revitalisation, which needs investments in energy, infrastructure and social protection, while the results of the measures taken by the new government were already visible.
This was stated by Federal Finance Minister Ishaq Dar during the meeting with Asian Development Bank (ADB) Vice President Wencai Zhang, who is undertaking his second visit to Pakistan.
The minister said that the structural reforms were on track and economic growth had picked up. In order to maintain the momentum, Dar said the government would need enhanced support of the development partners. He underscored the high value Pakistan placed on its partnership with the ADB and spoke of the expectations of continued support from the important development partner.
The minister thanked Wencai for resuming policy lending to the tune of $ 1.2 billion for energy sector and SOE reforms. He appreciated the support of ADB for Pakistan Infrastructure Reconstruction & Rehabilitation Fund to be established to respond to natural disasters and to enhance Pakistan’s resilience to the future natural calamities. Government of Pakistan had requested the ADB to be the trustee of this Fund.
The minister also thanked ADB for indicative support of $ 218 million for Flood 2014 Emergency Reconstruction Project in Punjab & AJK. He appreciated ADB’s assistance for Highway Network Development in Balochistan Project to the tune of $ 195 million.
The project would enhance connectivity and up-gradation of infrastructure to boost economic growth and development. The minister on this occasion urged early processing of $ 200 million assistance under “Improvement of Border Services Project” and the lead role of ADB in coordinating and facilitating the TAPI negotiations.
He informed Wencai that Diamer-Basha Dam was a project of national importance as it would considerably change the energy mix, produce cheap electricity and facilitate water storage. Enhanced support of ADB in this regard would be appreciated, he said.
Wencai on the occasion appreciated the remarkable economic turnaround that Pakistan had achieved and also noted that Pakistan had received enhanced ratings by international rating agencies.
He congratulated the minister on the successful conclusion of the 7th IMF review. He said ADB since 1968 had undertaken projects worth $26 billion and in future would like to make contribution in sectors like energy, agriculture, rural development and social spheres.
Wencai said that the successful IMF Review would further strengthen international financial institutions confidence in Pakistan. Pakistan has started a new journey towards macro-economic stability and development.
