Pakistan, ADB agrees to expand economic portfolio

ISLAMABAD: Pakistan and Asian Development Bank (ADB) on Monday agreed to continue discussing ways to deepen bilateral development partnership and ensure effectiveness of the ongoing economic portfolio.

Both sides discussed and agreed to expand cooperation in the areas of trade and competitiveness, social protection (Ehsaas Program), Public Private Partnership, ope-rationalization of the EXIM Bank, and Domestic Resource Mobilization, said a press release issued here.

Federal Minister for Economic Affairs Makhdum Khusro Bakhtyar held a virtual meeting with the new Director General, the Central and West Asia Department of the Asian Development Bank (ADB) Mr. Yevgeniy Zhukov.

The Secretary Economic Affairs Division Noor Ahmed and Country Director, ADB Ms. Xiaohong Yang, also joined the meeting.

The minister appreciated ADB’s role as a trusted development partner of Pakistan especially in terms of the quality of the portfolio and support keeping in view the emerging needs of the country that includes ADB’s timely support to fight the COVID-19 pandemic.

The minister highlighted that despite challenges posed by COVID19 and worldwide contraction, the key economic indicators were showing encouraging results owing to the government's strong commitment for the structural reforms.

The DG acknowledged the government of Pakistan’s commitment to reform the process and economic recovery.

He reiterated ADB’s commitment to work closely with the government of Pakistan to develop more meaningful projects aligned with the country’s needs and regulatory frameworks.