ADB appreciates govt measures for improving economy

F.P. Report

ISLAMABAD: The Vice President Asian Development Bank (ADB), Shixin Chen here on Monday appreciated and supported the efforts made by the incumbent government in social and economic sectors for bringing improvement in country’s economy.
During a meeting with Federal Minister for Finance and Revenue, Shaukat Tarin, the ADB Vice President re-affirmed bank’s commitment to continue support for strengthening reform programs and implementation of country’s development agenda including fiscal management, building resilience and boosting competitiveness and development of private sector.
Country Director ADB, Yong Ye, Secretary Finance and senior officers also participated in the meeting, according to press statement issued by the finance ministry. Welcoming Shixin Chen, Finance Minister, Shaukat Tarin said that the ADB had always been a source of support in pursuing reform agenda and implementing various development projects for the country.
He acknowledged the longstanding partnership and firm commitment of Asian Development Bank as a major partner for bringing essential reforms in priority areas including energy, fiscal and debt management as well as socio-economic development. Tarin gave an overview of the country’s economic situation and emphasized that the government was committed to introduce reforms in various sectors, in the face of various challenges, to address the long outstanding structural issues and to attain sustainable and inclusive growth.
The Finance Minister informed that the government had taken steps to improve the revenue collection through broadening of tax base, capturing retail sales, single window operations as well as track and trace system.
The Minister also shared steps taken to help the underprivileged segment of the society through Kamyab Pakistan program, which he said would help them to achieve self-sufficiency. He thanked Shixin Chen and his team for their continuous support and facilitation, the statement added.
ADB lauded for enhanced support to Pakistan: Federal Minister for Economic Affairs, Omar Ayub Khan here on Monday appreciated the Asian Development Bank’s enhanced support for Pakistan. During a meeting with ADB Vice President, Shixin Chen, the federal minister said that currently thirty seven ADB-funded projects worth $7.9 billion were under implementation. He said, during the current fiscal year, ADB disbursed $ 1.1 billion whereas seven new projects amounting to $ 2 billion have been signed.
The Minister also shared the development priorities of the government with ADB team including road networks, digital connectivity, technical education, climate change and domestic resource mobilization.
On the occasion, Shixin Chen acknowledged the government’s efforts for reforms in trade, energy and capital markets.
He also commended the government’s successful response against COVID -19 including free vaccination, social protection and relief measures for general public, agriculture & industry. On the occasion, ADB’s technical and financial assistance for Pakistan including ongoing portfolio and priority areas for future interventions was also discussed.