BeNewz
Related Articles
BeNewz Report
ISLAMABAD: Pakistan and the Asian Development Bank (ADB) on Wednesday reaffirmed their commitment to deepen cooperation in economic reforms, climate resilience, and infrastructure development, as Finance Minister Senator Muhammad Aurangzeb met with ADB President Masato Kanda in Islamabad.
The high-level meeting, held at the Finance Division, was attended by senior officials from the Ministry of Finance, Federal Board of Revenue, Ministry of Economic Affairs, and ADB’s top management, including Country Director Emma Fan, Director General for Central and West Asia Leah Gutierrez, and Pakistan’s Executive Director to ADB Noor Ahmed.
Welcoming the ADB President, Aurangzeb expressed appreciation for the Bank’s “long-standing and consistent partnership” with Pakistan. He noted that Pakistan had made steady economic progress despite facing multiple challenges in recent years. “We have stabilized the macroeconomic framework, brought down inflation sharply, turned around the current account, and seen our sovereign ratings upgraded by international credit agencies,” he said, adding that these gains had helped lower the country’s cost of borrowing.
The Finance Minister acknowledged ADB’s role in supporting reforms in taxation, women’s financial inclusion, disaster risk financing, and clean energy transition. He also pointed to the Bank’s contributions in strengthening agriculture insurance, transport connectivity, and resilience in the financial sector.
Outlining Pakistan’s priorities, Aurangzeb called for deeper collaboration with ADB in areas such as energy transition, climate adaptation, human capital development, and resource mobilization. He encouraged ADB’s support for innovative financing tools, including Green Bonds, blended finance, and Debt-for-Nature swaps. He further invited ADB to enhance collaboration under the forthcoming ADB Country Partnership Strategy 2026–2035, aligning with Pakistan’s medium-term development plan.
In response, President Masato Kanda praised Pakistan’s reform efforts and economic resilience. He assured continued ADB backing in key areas, including infrastructure, population challenges, and market diversification. He welcomed Pakistan’s move towards innovative financing and pledged the Bank’s readiness to support the launch of the country’s first Panda Bond.
“ADB remains committed to partnering with Pakistan in its reform agenda and in building long-term resilience,” Kanda said, emphasizing that the Bank would continue to work closely with the government to ensure “sustained progress and prosperity.”
The meeting concluded with both sides reaffirming their resolve to advance the Pakistan–ADB partnership, focusing on inclusive growth, climate resilience, and sustainable development in the years ahead.
