At the 58th Annual Meeting of the Asian Development Bank (ADB) in Milan, Pakistan and India outlined sharply different development visions. While India highlighted its digital transformation under the “Vikasit Bharat” plan, Pakistan urged stronger ADB support to sustain its fragile economic recovery. Pakistan’s Economic Affairs Secretary Dr. Kazim Niaz represented the country in the absence of Minister Ahad Cheema and called for greater aid effectiveness, transparency, and alignment with local development needs.
India praised the ADB’s reforms and used the platform to showcase its digital success stories in governance, education, and health. Indian Finance Minister Nirmala Sitharaman emphasized speeding up lending processes to help developing countries. She also denied media claims that India asked ADB to stop funding Pakistan, instead focusing on India’s long-term development goals.
In contrast, Pakistan raised concerns about limited fiscal space, rising debt, and climate vulnerability despite recent economic gains. Dr. Niaz stressed that fragile economies like Pakistan need more than short-term relief. He pushed for a stronger Country Partnership Framework, private sector investment, and deeper cooperation between multilateral institutions like the ADB and World Bank.
The meeting also saw rising tensions between the US and China. The US criticized ADB’s current lending practices, urging the bank to stop giving loans to wealthier countries like China and focus more on poverty reduction. The US called for China’s graduation from ADB lending programs, citing its global financing access. China strongly rejected this, insisting it is still a developing country and a key ADB contributor.
New ADB President Masato Kanda addressed member nations for the first time, warning of economic and geopolitical challenges in the region. He announced a $100 billion boost in ADB’s lending capacity over the next decade, allowing for a 50% expansion in operations. Meanwhile, Uzbekistan was elected the new Chair of the Board of Governors for 2025–26.