ADB lauds Pakistan's improved credit rating

ISLAMABAD: A senior official of Asian Development Bank (ADB) on Tuesday said the credit rating of Pakistan had significantly improved during the recent years and the investors were showing keen interest to take benefit of the existing investment opportunities.

Xiaohong Yang, Country Director ADB in a meeting with Prime Minister Shahid Khaqan Abbasi said Pakistan’s return to international financial market was a clear indication of investors’ confidence in country’s economy.

Ms Xiaohong appreciated the progress that Pakistan had made towards overcoming energy-deficit by producing surplus generation.

She also noted robust economic growth which was projected to reach 5.8 percent during the next financial year, enhanced revenue generation and structural reforms being undertaken by the present government.

She said marked improvement in power sector had not only brought relief to domestic consumers but was also leading to growth in large scale manufacturing.

The ADB Country Director assured the Prime Minister that ADB would continue to provide its financial and technical expertise in all mutually agreed areas including energy sector.

She offered financial and technical support and expertise in the gas sector as well as introduction of structural reforms in state-owned entities including Pakistan Railways and Pakistan International Airlines.

The Prime Minister thanked ADB for continued support to infrastructure projects and expressed his optimism that the relationship would grow further as Pakistan enters high economic growth.

The meeting was attended by senior Energy Specialist ADB Asad Aleem, Senior Economic Officer Asad Aleem, Secretary Economic Affairs Division Arif Ahmed Khan and senior officers.