ADB President Visits Pakistan, Discusses Economic Recovery and Reforms

ISLAMABAD, Asian Development Bank (ADB) President Masatsugu Asakawa met Pakistan President Asif Ali Zardari on Monday. The discussion regarding the government’s economic recovery and reforms took place between them. They also spoke about ADB’s continuing cooperation with Pakistan to support its development priorities.

During the meeting, Mr. Asakawa said, “The 2022 floods in Pakistan have compounded the challenges posed by structural risk and economic shocks”. He further stated, “ADB has been a strong and reliable partner for Pakistan during these difficult times. I am deeply impressed by the resilience of the Pakistani people and the government’s commitment to advancing crucial reforms. ADB remains fully committed to supporting Pakistan in areas such as climate resilience, food security, social protection, and job creation, with a particular focus on empowering women.”

Mr. Asakawa had also met Prime Minister Mian Muhammad Shahbaz Sharif, Minister for Finance and Revenue Muhammad Aurangzeb, and Minister for Economic Affairs and ADB Governor Ahad Khan Cheema on his 4-day visit to Pakistan and talked about Pakistan’s macroeconomic reforms, infrastructure development, and efforts to improve its climate resilience. 

During Mr. Asakawa’s meeting with Mr. Sharif, they witnessed the signing of agreements for two major projects: the Sindh Emergency Housing Reconstruction Project and the Khyber Pakhtunkhwa Rural Roads Development Project. 

The Sindh Emergency Housing Reconstruction Project, worth $400 million, is focused on helping Pakistan recover from the floods witnessed in 2022. The Khyber Pakhtunkhwa Rural Roads Development Project, worth $320 million, will restore about 900 kilometers of rural roads, improving connectivity and boosting the provincial government’s capacity to safeguard communities from future climate occurrences.

ADB plans to provide Pakistan with more than $2 billion of annual assistance package for the next several years, focusing on climate-resilient infrastructure, social protection programs, and institutional reforms to foster sustainable development. 

Mr. Asakawa also met the women getting benefitted from the Benazir Income Support Programme during his visit to the BISP center near Taxila. The BISP helps underprivileged women by empowering them economically and making it easy for them to access social safety nets. It gives access to primary caretaker women in their families to cash transfers directly. The programme makes sure that underprivileged households get benefits from it effectively. 

The focus of the Asian Development Bank (ADB), established in 1966 and owned by 68 members—49 from the region, is to eradicate extreme poverty and achieve prosperous, inclusive, resilient, and sustainable Asia and the Pacific. 

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