ISLAMABAD - The Asian Development Bank (ADB) has disbursed $1.1 billion to Pakistan in current fiscal year, whereas seven new projects amounting to $2 billion have been signed.
This was discussed in a meeting between Shixin Chen, Vice President ADB with Federal Minister for Economic Affairs Omar Ayub Khan. They discussed the ADB’s technical and financial assistance for Pakistan including ongoing portfolio and priority areas for future interventions. At present, 37 ADB-Funded development projects worth $7.9 billion are under implementation across the country in energy, road and transport, agriculture, urban infrastructure and social sector. During the current fiscal year, ADB has disbursed $1.1 billion for various development projects and programmes.
The minister for economic affairs appreciated the ADB for their continued and enhanced financial assistance to the Government of Pakistan. It was acknowledged that ADB has become the leading development partner of Pakistan in the recent years. The minister also acknowledged the ADB’s timely support for addressing health and socioeconomic challenges amid COVID-19 pandemic. ADB has provided over $1.3 billion for COVID-19 response including social protection, vaccination and budgetary support for fiscal stimulus.
The minister further highlighted that through the National Coordination Committee on Foreign Funded Projects, EAD had significantly improved physical progress and disbursement against the ongoing projects by removing major bottlenecks including delays in land acquisition, right of way issues and hiring of project staff. The minister further shared that Economic Affairs Division is going to implement triad model i.e. physical progress verification by satellites, financial tracking and use of Gantt Charts for efficient monitoring and smooth implementation of the projects.
The minister, while appreciating the ADB’s continued support to Pakistan, assured the vice president, ADB that the government is committed to complete structural reforms in multiple areas. Both the sides discussed new reform areas for ADB’s assistance including Domestic Resource Mobilisation, Climate Change and Public-Private Partnerships. Domestic Resource Mobilisation would help the government to create fiscal space through enhanced revenue collection and overcome the challenge of fiscal deficit. Furthermore, it was agreed to enhance investments in road sector, agriculture, renewable energy, digital connectivity, vocational education and social sector.
Mr Shixin Chen, Vice President, ADB acknowledged the GoP’s efforts for reforms in Trade, Energy and Capital Markets. He also commended the GoP’s successful response against COVID -19 pandemic including mass vaccination programme, social protection and relief measures for general public, agriculture and industry. He further appreciated that ADB’s disbursement for development projects has increased by 25 percent in a year due to continuous efforts and follow-ups of EAD and ADB teams. In this regard, he commended the minister for economic affairs for his proactive approach and dedicated efforts for reviewing the progress of projects on regular basis.
Omar Ayub Khan, Minister for Economic Affairs and Mr Shixin Chen, Vice President, ADB agreed to continue discussing ways to further deepen ADB and Pakistan’s development partnership. Mr Nianshan Zhang, Deputy Director General, Mr Aiming Zhou, Senior Adviser, Mr Yong Ye, Country Director, Mr Asad Aleem, Deputy Country Director and Mr Nasruminallah Mian, Senior Project Officer of ADB also joined the meeting.
Meanwhile, Federal Minister for Finance and Revenue Shaukat Tarin has also held a meeting with Mr Shixin Chen, Vice President Asian Development Bank (ADB) at Finance Division. Country Director ADB, Mr Yong Ye, Secretary Finance and senior officers participated in the meeting.
Welcoming Mr Shixin Chen, the finance minister 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 and debt management and socio-economic development.
The finance minister gave an overview of the country’s economic situation and emphasised that the government is committed to introduce 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 broadening of 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 Kamyab Pakistan Programme, which he said would help them to achieve self-sufficiency.
Mr 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 reaffirmed bank’s commitment to continue support for strengthening reform programmes and implementation of country’s development agenda including fiscal management, building resilience and boosting competitiveness and development of private sector.
Finance Minister Mr Shaukat Tarin thanked Mr Shixin Chen and his team for their continuous support and facilitation.
This was discussed in a meeting between Shixin Chen, Vice President ADB with Federal Minister for Economic Affairs Omar Ayub Khan. They discussed the ADB’s technical and financial assistance for Pakistan including ongoing portfolio and priority areas for future interventions. At present, 37 ADB-Funded development projects worth $7.9 billion are under implementation across the country in energy, road and transport, agriculture, urban infrastructure and social sector. During the current fiscal year, ADB has disbursed $1.1 billion for various development projects and programmes.
The minister for economic affairs appreciated the ADB for their continued and enhanced financial assistance to the Government of Pakistan. It was acknowledged that ADB has become the leading development partner of Pakistan in the recent years. The minister also acknowledged the ADB’s timely support for addressing health and socioeconomic challenges amid COVID-19 pandemic. ADB has provided over $1.3 billion for COVID-19 response including social protection, vaccination and budgetary support for fiscal stimulus.
The minister further highlighted that through the National Coordination Committee on Foreign Funded Projects, EAD had significantly improved physical progress and disbursement against the ongoing projects by removing major bottlenecks including delays in land acquisition, right of way issues and hiring of project staff. The minister further shared that Economic Affairs Division is going to implement triad model i.e. physical progress verification by satellites, financial tracking and use of Gantt Charts for efficient monitoring and smooth implementation of the projects.
The minister, while appreciating the ADB’s continued support to Pakistan, assured the vice president, ADB that the government is committed to complete structural reforms in multiple areas. Both the sides discussed new reform areas for ADB’s assistance including Domestic Resource Mobilisation, Climate Change and Public-Private Partnerships. Domestic Resource Mobilisation would help the government to create fiscal space through enhanced revenue collection and overcome the challenge of fiscal deficit. Furthermore, it was agreed to enhance investments in road sector, agriculture, renewable energy, digital connectivity, vocational education and social sector.
Mr Shixin Chen, Vice President, ADB acknowledged the GoP’s efforts for reforms in Trade, Energy and Capital Markets. He also commended the GoP’s successful response against COVID -19 pandemic including mass vaccination programme, social protection and relief measures for general public, agriculture and industry. He further appreciated that ADB’s disbursement for development projects has increased by 25 percent in a year due to continuous efforts and follow-ups of EAD and ADB teams. In this regard, he commended the minister for economic affairs for his proactive approach and dedicated efforts for reviewing the progress of projects on regular basis.
Omar Ayub Khan, Minister for Economic Affairs and Mr Shixin Chen, Vice President, ADB agreed to continue discussing ways to further deepen ADB and Pakistan’s development partnership. Mr Nianshan Zhang, Deputy Director General, Mr Aiming Zhou, Senior Adviser, Mr Yong Ye, Country Director, Mr Asad Aleem, Deputy Country Director and Mr Nasruminallah Mian, Senior Project Officer of ADB also joined the meeting.
Meanwhile, Federal Minister for Finance and Revenue Shaukat Tarin has also held a meeting with Mr Shixin Chen, Vice President Asian Development Bank (ADB) at Finance Division. Country Director ADB, Mr Yong Ye, Secretary Finance and senior officers participated in the meeting.
Welcoming Mr Shixin Chen, the finance minister 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 and debt management and socio-economic development.
The finance minister gave an overview of the country’s economic situation and emphasised that the government is committed to introduce 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 broadening of 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 Kamyab Pakistan Programme, which he said would help them to achieve self-sufficiency.
Mr 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 reaffirmed bank’s commitment to continue support for strengthening reform programmes and implementation of country’s development agenda including fiscal management, building resilience and boosting competitiveness and development of private sector.
Finance Minister Mr Shaukat Tarin thanked Mr Shixin Chen and his team for their continuous support and facilitation.
