KARACHI: Asian Development Bank (ADB) will provide programme lending facility to Pakistan to the tune of $2.3 billion in the next three years, starting 2019, in the spheres of future energy sector development, trade and competitiveness and capital market development.
This lending facility, it may be added, is part of the Country Operations Business Plan (COBP).
Finance Minister Asad Umar received Tomoyuki Kimura, Director General Strategy, Policy & Review Deptt, Asian Development Bank (ADB) for a meeting here on Wednesday, Press Information Department (PID) said.
Finance Minister on the occasion said that ADB’s continued support and pro-active approach has further strengthened its relationship and partnership with Pakistan, which is now at a historic high level.
Pakistan achieved more than $1.0 billion disbursement from ADB during FY2018 which is the highest disbursement amongst all multilateral development partners.
He appreciated ADB’s recently approved Country Operations Business Plan (COBP) 2019-2021 for Pakistan with an indicative assistance of $7.5 billion.
DG ADB apprised the Finance Minister about salient features of the ADB 2030 strategy. He dilated on different new lending products including special policy based lending. Discussion also focused on private sector lending.
Minister Asad said the present government is taking various measures and reforms that will help the country steer out of current economic situation on both fronts i.e. external economic challenges including trade deficit, low FDI and forex reserves. “As regards domestic challenges, we are focusing on fiscal consolidation, monetary policy and financial inclusion”.
Finance Minister thanked Tomoyuki Kimura for the provision of technical assistance in capacity building of personnel in Finance and Economic Affairs Divisions. He also appreciated the pro-active role of the ADB’s Pakistan Resident Mission under the leadership of Ms. Xiaohong Yang for promoting Pak-ADB economic partnership.