Daily Times

The President, Asian Development Bank (ADB), Masatsugu Asakawa here on Monday lauded the government for undertaking comprehensive reforms, leading to progressive signs of economic recovery.

During a meeting with Federal Minister for Economic Affairs Minister, Ahad Cheema, he reaffirmed ADB’s continued support to Pakistan for complementing its development and reform agenda. President ADB reposed his trust in Pakistan’s reform agenda and appreciated the required tough stabilization measures taken by the government to bring about macroeconomic stability in the country.

He also assured of bank’s continued support in the areas of Public Private Partnership, climate and disaster resilience enhancement, Domestic Resource Mobilization, promoting Women Inclusive Finance and Energy Sector reforms. Meanwhile, appreciating ADB’s long-standing and steadfast support to Pakistan, Minister Ahad Cheema briefed the President on a series of reforms introduced by the government.

The key reforms include enhancing tax revenues, improving financial sustainability of energy sector, reduction in untargeted subsides and scaling up social protection.

Asakawa together with Secretary Economic Affairs, Kazim Niaz also attended the ground-breaking ceremony of a new ADB office building in Islamabad.

The new building will house ADB’s Pakistan Resident Mission and when completed is expected to serve as ADB’s development and coordination hub responding to evolving country and regional context.

Speaking on the occasion, Kazim Niaz said that the ADB’s own building in Islamabad would mark a new exciting chapter in the enduring and trusted partnership between Pakistan and ADB since 1966.

He noted that ADB’s decision to build its building in Islamabad, which would be ADB’s 4th own building in the entire region, is yet another manifestation of deep-rooted cooperation.