ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a comprehensive meeting with a high-level delegation of the Asian Development Bank (ADB) led by Emma Fan, Country Director, ADB, and Leah Gutierrez, Director General for the Central and West Asia Department, along with senior officials from the local ADB team.
The meeting was held on Monday at the Finance Division and focused on strengthening strategic cooperation, enhancing development impact, and accelerating reform implementation in Pakistan.
Welcoming the ADB delegation, the finance minister expressed deep appreciation for ADB’s longstanding and timely support to Pakistan, particularly in the areas of budgetary assistance, climate resilience, social sector development, and structural reforms. He underscored the importance of moving towards an impact-led and KPI-driven development partnership, emphasizing that development outcomes, rather than approvals alone, must remain the central measure of success.
ADB president hails Pakistan’s economic reforms
The finance minister highlighted the government’s resolve to improve project readiness and implementation, noting that delays in execution had historically diluted development impact, especially in social sectors and climate-related initiatives.
The meeting reviewed Pakistan’s macroeconomic stabilization efforts and reform trajectory under the IMF Extended Fund Facility (EFF). The finance minister noted that recent external validations, including improved credit ratings, successful IMF reviews, and the approval of the Climate Resilience Facility, reflected confidence in Pakistan’s reform agenda. He reaffirmed the government’s commitment to structural reforms, including taxation, energy sector reforms, state-owned enterprises (SOEs), privatisation, and public financial management.
Senator Aurangzeb briefed the delegation on recent progress, including the privatization of a small bank, renewed interest in strategic transactions, and ongoing work on energy sector restructuring and distribution companies. He emphasized that successful and visible transactions were critical to building momentum and credibility in the privatization process.
The finance minister also highlighted encouraging trends in exports and services, particularly IT services, growth in remittances, and a manageable current account deficit, while stressing the importance of sustaining growth in a balanced and sustainable manner. He reiterated the Government’s commitment to trade liberalization and competitiveness, despite short-term resistance from protected sectors.
Speaking on behalf of ADB, Emma Fan thanked the finance minister and his team for their strong collaboration and facilitation, including the successful visit of the ADB President to Pakistan. She reaffirmed ADB’s focus on development results, noting that faster project readiness and streamlined processes were essential for timely disbursements and tangible outcomes. She emphasized ADB’s willingness to support reforms aimed at improving implementation efficiency and strengthening institutional capacity.
The ADB representatives expressed appreciation for Pakistan’s reform progress under the IMF programme and confirmed ADB’s readiness to provide further budget support aligned with the EFF. They outlined future areas of engagement, including insurance sector reforms, public-private partnerships, pension reforms, and continued support for climate resilience and social sector development.
The delegation also highlighted ADB’s growing engagement in private sector development, including potential private sector transactions, guarantees, and PPP initiatives, such as proposed airport transactions. The strengthening of ADB’s in-country presence, including the appointment of a new Country Operations Head, was noted as a key step toward deeper engagement and improved project origination.
Both sides reaffirmed their shared commitment to deepening the Pakistan–ADB partnership, with a strong focus on impact, accountability, private sector development, and inclusive and sustainable growth.
The meeting concluded with mutual appreciation and an understanding to continue close coordination as Pakistan advances its reform and development agenda under the forthcoming country partnership framework and the pipeline for 2026 and beyond.
Copyright Business Recorder, 2025
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