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Saturday, May 25, 2024  
16 Dhul-Qadah 1445  

ADB pledges to support Pakistan’s economic recovery

President Askawa says Islamabad taking ‘quick’ required stabilisation measures
In this file photo, Asian Development Bank President Masatsugu Asakawa addresses an event. APP
In this file photo, Asian Development Bank President Masatsugu Asakawa addresses an event. APP

The Asian Development Bank has assured Pakistan of its continued support in improving the economic condition of the country.

“Pakistan was taking quick required stabilisation measures by containing spending, enhancing tax revenues and improving the financial sustainability of the energy sector,” ADB President Masatsugu Asakawa at a press conference at Incheon, a bordering city of South Korea’s Capital Seoul.

He went on to add that the ADB was supporting such policy measures that would definitely improve the economic condition of the country and help improve fiscal space for enhancing social protection transfers.

The bank would continue supporting Pakistan in such reforms through policy-based lending operations to help improve the economy and financial position, he added.

When asked about predicted heavy rains and floods this year in Pakistan and ADB’s response in this regard, he said “… the government [of Pakistan] is taking swift economic stabilization and rehabilitation measures… These structural reforms will definitely bring [economic] stability of Pakistan and create fiscal space for enhanced social protection transfers.”

He vowed to continue extending all possible support to Pakistan, saying: “The ADB will maintain supporting Pakistan on its economic structural reforms. The ADB will maintain continue its support to improve Pakistan’s economic condition.”

The ADB president announced a new programme IF-CAP: the Innovative Finance Facility – for Climate in Asia and the Pacific, terming the plan “a global first in its scale and scope.”

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