Federal Minister for Finance and Revenue Miftah Ismail on Thursday said that the present government's prime focus is to introduce effective structural reforms for the cultivation of sustainable and inclusive economic growth in Pakistan.

The statement came during Miftah's meeting with Xiaohong Yang, ex-Country Director and currently Chief Thematic Officer at the Asian Development Bank (ADB’s) Sustainable Development and Climate Change Department, at the Finance Division on Thursday.

Country Director ADB Yong Ye and senior officers from Finance Division also participated in the meeting, the Finance Division said.

The finance minister welcomed the delegation from ADB and acknowledged its role in pursuing the reform agenda through various projects in Pakistan. Miftah also shared priorities of the present government, giving a prime focus to effective structural reforms for cultivating sustainable and inclusive economic growth in Pakistan.

The ADB delegation apprised the Federal Minister about the progress of various projects undertaken by ADB in Pakistan, especially in energy and social protection. They reiterated that the Country Partnership Strategy for Pakistan 2021-25 is in complete consonance with the vision of the government of Pakistan.

Pakistan’s GDP growth projected to 'recover slightly' in FY23: ADB

The finance minister assured the ADB delegation of full cooperation for the speedy implementation of the ongoing programs.

The ADB has projected Pakistan's GDP growth to recover slightly in FY2023, supported by structural reforms.

In its latest Asian Development Outlook Supplement, the bank marginally revised inflation in Pakistan for FY22 and substantially for FY23, as the country’s inflation spiked from 12.3% in December 2021 to 21.3% in June 2022.


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