Islamabad: November 04, 2020

Federal Minister for Economic Affairs Makhdum Khusro Bakhtyar held a virtual meeting with Mr. Shixin Chen, Vice President of the Asian Development Bank. The Secretary Economic Affairs Division and Ms. Xiaohong Yang, Country Director, ADB also joined the meeting. The meeting discussed key priorities of the Country Partnership Strategy (CPS 2021-2025) expected to be considered by ADB’s board of directors later this year. The County Operations Business Plan (2021-2023) and ADB’s ongoing and support for Pakistan’s reforms programs were also discussed. The Vice President appreciated the Government's strategy to successfully combat the impact of COVID-19 pandemic. The Vice President reiterated ADB’s commitment to support the government’s reform agenda and to speed up the economic recovery process. ADB plans to provide Pakistan about $10 billion in fresh assistance for various development projects and policy-based programs over the next five years under its new Country Partnership Strategy. The Minister said that the proposed CPS Framework is in line with the present Government's priorities. He said that the CPS’s greater focus on improving economic management, building resilience and boosting competitiveness and private sector development would allow Pakistan to unleash the growth potential of Public-private Partnership sector and help a faster post COVID-19 recovery. The Minister, while appreciating the ADB continuous support to Pakistan, assured the VP that Government is committed to continue structural reforms in multiple areas of economy, governance and institutions including simplification of decision making for project approval & implementation and regular portfolio review of foreign aided projects. A national coordination committee has also been constituted to ensure timely implementation and completion of projects and smooth disbursement of loan and grant components. The Minister suggested new areas for ADB’s assistance including support for Public Private Partnership; strengthening food security infrastructure, supply chains, developing forecast mechanism for demand and supply and enhancing agro-productivity; and operationalization of the EXIM Bank to effectively provide credit, guarantee and insurance products to boost the country’s trade volume. The Vice President and the Minister agreed to continue discussing ways to deepen ADB and Pakistan’s development partnership and ensure effectiveness of the ongoing portfolio.