ISLAMABAD: Pakistan's economic outlook is positive, however needs adherence to the national economic reforms agenda to overcome the challenges it has been facing currently, newly appointed Country Director Asian Development Bank (ADB) said here on Thursday.
In a first-ever informal meeting with journalists after assuming the charge, ADB Country Director, Werner Liepach said that Pakistan was facing challenges of energy shortage, water management, access to finance, supply chain and transport facilities.
ADB country head said that economy of Pakistan was interlinked with global economies so if economies at global level perform well, it would have positive effects here also.
He said that it does not matter whether Pakistan goes to International Monitory Fund or not, but it will have to adopt national economic reforms agenda for better future of economy.
He said the country's agriculture sector has a lot of potential to flourish due to good climate conditions and sufficient labor force.
"However, it requires proper supply chain and transport facilities to develop further," Liepach remarked.
He said that ADB in collaboration with Government of Pakistan is working to improve water management for agri-sector development as well as to avoid floods in the country.
"In this regard a task force was formed to tackle the water management issues which would submit its report by the month of November", he added.
He said that Pakistan is bordering with developing economies like India, China and Central Asian States and also joined Central Region Economic Coordination Programme last year for the economic development.
To a question, he said that 8 projects under Multi Tranche Finance Facility (MFF) worth US$ 5.6 billion was in pipeline, he added.
The four projects in energy sector include renewable energy, energy efficiency, transmission and distribution and two projects in communication sector including Nation Highway Programme and National Trade Corridor.
The other two projects within the pipeline include water management and urban sector development. Out of US$ 5.6 billion the ADB has already disbursed US$ 2 billion, he added.
Werner Liepch assured that ADB would provide funds for all the projects which would be forwarded by the government for the socio- economic uplift of the country.
He further said that total 23 projects sponsored by ADB, five projects have been completed and remaining 18 are in pipeline.
He said $1.5 billion were available for Pakistan per annum, however, this would be for project financing and whenever ADB receives projects from Pakistan it would provide that amount.
Replaying to another question, he said that the Bank is providing technical and financial assistance for the construction of Bhasha Dam.
It is a mega project and impossible for ADB to finance alone and required more multilateral partners for financing the project.
Copyright APP (Associated Press of Pakistan), 2011
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