Pakistan seeks more ADB money to ‘stay the course’

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Milan: Pakistan asked the Asian Development Bank on Monday to provide ‘strong financial support’ so that the government could continue to provide development programs since the occupation of dangerous economic conditions.

Islamabad has also requested a decade -long strategy, predicting the improvement of change in specific sectors that were associated with the country’s national and provincial priorities.

Talking to the ADB’s 58 Annual Meeting, which is currently underway here, Federal Minister for Economic Affairs Ahad Khan Cheema said his country “greatly appreciates and appreciates its long -standing and reliable partnership with ADB,” and added that more money and knowledge of our country were more important to support their country and their knowledge of their country.

Identifying the importance of maintaining high standards of institutional integrity, Cheema agreed that multilateral development banks (MDB) have to implement development projects for any country “strictly and highly purposeful, balanced, transparent and irrational”.

The news has learned that Cheema had to travel to Milan for the meeting, but he withdrew because of work promises. The Minister claimed that by working with its development partners, including the IMF and ADB, the country has reached an important moment of economic rehabilitation with the development of stable basic principles, restoration trust and increased power.

The Minister, who is sitting on the ADB’s Board of Governors for Pakistan, has registered several steps initiated to tackle the ‘inheritance’ of economic challenges – from overall domestic products to elimination of reserves. He shared the PMLN government’s “widespread structural reform program” to achieve sustainable economic stability.

“This economic change, which has been achieved in a very short time, improves financial balance, current account surplus, historical decline in inflation, stable currency, record high remittances, substantial increase in foreign exchange reserves, foreign direct investment and information technology exports and credit ratings.

The current meeting is taking place in a ‘critical turning point’ when the Asian economies, despite the last year, have shown signs of restoration and stable growth, are still facing developing trade uncertainty, policy changes and geographical political tensions. He said that due to the aforementioned factors, achieving the level of growth before 2020 is still a ridiculous purpose. “Destructive economies continue to worry about the difficulties of serving debt, reducing the chances of trade, expensive climate events and permanent levels of poverty.”

The minister was clear to acknowledge that Pakistan was not exempt from these challenges and requested the bank to increase its support for the country’s private sector. “The private sector is the main engine of development due to its ease, innovation, natural trend for performance, unlimited capacity of employment creation and exports. We expect the ADB to increase its support in Pakistan’s private sector, and will be in the field of international work in the international sector.

The minister told the meeting that the power of international experts dedicated to Pakistan’s residential mission (PRM) does not have the size and scale of ADB portfolio in Pakistan, especially for the largest areas of energy and transportation and “creates operational challenges”. Cheema called on ADB to appoint a large number of international experts in the PRM to increase its support in key fields. He also urged the bank to continue and strengthen the policy -based support for Pakistan to fulfill Pakistan’s reforms in the key sectors of the economy. “Although we appreciate the supply of a partial credit guarantee (PCG) along with the traditional policy support, I would request the ADB to align the PCG design and terms with the World Bank to ensure that the lender’s headroom guaranteed 25 %.”