F.P. Report
ISLAMABAD: The President of Asian Development Bank (ADB) Mr. Masatsugu Asakawa alongwith a delegation called on Prime Minister Muhammad Shehbaz Sharif on Monday.
While appreciating ADB’s long-standing and steadfast support to Pakistan, the Prime Minister informed the visiting President on a series of reforms introduced by the Government.
The key reforms include enhancing tax revenues, improving financial sustainability of the energy sector, enhancing climate resilience, reduction in untargeted subsidies and scaling up social protection.
Prime Minister Muhammad Shehbaz Sharif emphasized that he is personally overseeing the progress of these reforms to ensure their successful implementation and long-term impact, underscoring the Government’s commitment to sustainable economic growth and stability.
The Prime Minister appreciated ADB’s generous support of over US$ 1.5 billion in response to the devastating floods of 2022.
He showed Pakistan’s keen desire to work with the development partners in climate resilience projects including agriculture. President ADB Mr. Masatsugu Asakawa in his remarks appreciated Pakistan’s long association with ADB as one of its founding members.
He lauded the Government for undertaking comprehensive reforms and reaffirmed ADB’s continued support to Pakistan.
He renewed support in Pakistan in infrastructure development, climate and resilience enhancement, and institutional reforms.Federal Ministers for Planning & Development, Investment and Privatization, Economic Affairs, Finance and Revenue and other senior government officials also attended the meeting.
The Prime Minister and President of ADB also witnessed the loan signing of the Sindh Emergency Housing Reconstruction Project amounting to US$400 million and Khyber Pakhtunkhwa Rural Roads Development Project worth US$320 million. Both these projects are part of the ADB’s flood commitments.
Gunvor Group Chairman, Total Energies VP meet PM to discuss investment in petroleum sector
Gunvor Group Chairman Torbjorn Tornqvist and Vice President Oceania & Southeast Asia Total Energies Mehmet Celepoglu Monday called on Prime Minister Muhammad Shehbaz Sharif and discussed potential investment in Pakistan’s energy sector.
During the meeting, the prime minister highlighted that after attaining stability, the country’s economy was now moving on the path of growth and development.
He said rapid reforms were underway to increase the investment and business activities, and economic policies were yielding positive results.
He emphasized that the government was removing all the barriers for foreign investment in Pakistan.
Chairman Torbjorn Tornqvist expressed the Gunvor Group’s keen interest in investment in the petroleum sector of Pakistan.
The prime minister was told that the Gunvor Group had already signed an agreement to acquire 50% shares of Total Parco.
The Gunvor Group chairman lauded that positive steps were being taken under the prime minister’s leadership for promoting investment in the country.
The prime minister directed the relevant authorities to provide all possible facilities to the Gunvor Group.
The meeting was also attended by federal ministers Ahad Khan Cheema, Dr Musadik Malik, PM’s Special Assistant Tariq Fatemi and other relevant high officials.
