Federal Minister for Economic Affairs Ahad Khan Cheema urged the Asian Development Bank (ADB) to deploy additional resources towards efforts to combat climate change in the most vulnerable countries.
The discussion was held during a meeting between Masatsugu Asakawa, President ADB, and a Pakistani delegation led by Cheema on the sidelines of the 57th annual meeting of the ADB Board of Governors, according to a statement on Monday.
During the interaction, Masatsugu reaffirmed ADB’s continued support to Pakistan, and reposed his trust in the government’s reform agenda.
The ADB President appreciated the “tough stabilisation measures” taken by the Pakistani authorities to usher in macroeconomic stability in the country.
President ADB assured Pakistan of its continued support in the areas of “Public Private Partnership, climate and disaster resilience enhancement, domestic resource mobilisation, promoting women inclusive finance and energy sector reforms”.
While appreciating ADB’s long-standing support to Pakistan, Minister Ahad Cheema briefed the President on a series of reforms introduced by the government, which include enhancing tax revenues, improving financial sustainability of energy sector, reduction in untargeted subsides and scaling up social protection.
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Cheema appreciated ADB’s ongoing institutional and capital reforms, successful completion of the Capital Adequacy Framework review, and unlocking of $100 billion in additional financing over next 10 years to support developing member countries.
Cheema, on behalf of Prime Minister Shehbaz Sharif, extended an invitation to President ADB to visit Pakistan, which he accepted.
Earlier, speaking during the business session of the ADB’s Board of Governors, Cheema highlighted Islamabad’s firm commitment to wide-ranging program to unlock Pakistan’s economic growth potential.
“As a result of the reforms, the economy is now on the consolidation path with improvements in inflation and some recovery of economic growth”, said Cheema.
He underscored the need for ADB’s stronger support in the areas of climate change, domestic resource mobilization, human capital development, and food security.
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