Zardari, ADB President discuss economic recovery and reforms

ISLAMABAD: Asian Development Bank (ADB) President Masatsugu Asakawa and Pakistan President Asif Ali Zardari met to discuss the government’s economic recovery and reforms and ADB’s continuing partnership to support Pakistan’s development priorities, said a press release.

“The 2022 floods in Pakistan have compounded the challenges posed by structural risk and economic shocks,” said Asakawa. “ADB has been a strong and reliable partner for Pakistan during these difficult times. I am deeply impressed by the resilience of the Pakistani people and the government’s commitment to advancing crucial reforms. ADB remains fully committed to supporting Pakistan in areas such as climate resilience, food security, social protection, and job creation, with a particular focus on empowering women.”

During his 4-day visit to Pakistan, Asakawa had meetings with Prime Minister Shehbaz Sharif, Minister for Finance and Revenue Muhammad Aurangzeb, and Minister for Economic Affairs Ahad Khan Cheema and ADB Governor. These discussions focused on Pakistan’s macroeconomic reforms, infrastructure development, and efforts to enhance climate resilience.

During Asakawa’s meeting with Sharif, they witnessed the signing of agreements for two major projects: the Sindh Emergency Housing Reconstruction Project and the Khyber Pakhtunkhwa Rural Roads Development Project.

The $400 million Sindh Emergency Housing Reconstruction Project is aimed at helping Pakistan rebuild and recover from the devastating 2022 floods. The $320 million Khyber Pakhtunkhwa Rural Roads Development Project will rehabilitate about 900 kilometres of rural roads, enhancing connectivity and strengthening the provincial government’s capacity to protect communities from future climate-related events.

The ADB plans to provide Pakistan with an average annual assistance package of more than $2 billion over the next several years, focusing on climate-resilient infrastructure, social protection programmes, and institutional reforms to foster sustainable development.

Asakawa also visited the Benazir Income Support Programme (BISP) centre near Taxila to meet with women who benefit from this social protection initiative. The BISP supports disadvantaged women, empowering them economically and enhancing their access to social safety nets. It provides cash transfers directly to the women, recognising that they are often the primary caretakers in families, thereby, helping to ensure that the benefits effectively reach households.

Copyright Business Recorder, 2024