Pakistan promises Asian Development Bank it will complete ‘structural reforms’

ISLAMABAD: Pakistan on Monday assured the Asian Development Bank it was committed to completing structural reforms in multiple areas as the two sides discussed new reforms in a meeting between Shixin Chen, ADB Vice President (Operations), and Omar Ayub Khan, Pakistani Federal Minister for Economic Affairs.
At present, 37 ADB-funded development projects worth $ 7.9 billion are under implementation across Pakistan in sectors spanning energy, road and transport, agriculture, urban infrastructure and the social sector. During the current fiscal year, ADB disbursed $ 1.1 billion for various development projects and programs. 
Khan, “while appreciating the ADB’s continued support to Pakistan, assured the Vice President, ADB, that the Government is committed to complete structural reforms in multiple areas,” the economic affairs ministry said in a statement. 
“Both the sides discussed new reform areas for ADB’s assistance including Domestic Resource Mobilization, Climate Change and Public-Private Partnerships. Domestic Resource Mobilization would help the government to create fiscal space through enhanced revenue collection and overcome the challenge of fiscal deficit.”
Khan appreciated the ADB for its continued and enhanced financial assistance to Pakistan, saying the Bank had become “the leading development partner” of Pakistan in recent years. The minister also acknowledged the ADB’s timely support amid the COVID-19 pandemic.
ADB has provided over $ 1.3 billion for Pakistan’s COVID-19 response, including for social protection, vaccines and budgetary support for fiscal stimulus.
Chen acknowledged Pakistan’s efforts for reforms in trade, energy and capital markets and commended its response against the COVID -19 pandemic including a mass vaccination program, social protection and relief measures for the general public as well as the agriculture sector and industries.
“He further appreciated that ADB’s disbursement for development projects has increased by 25 percent in a year due to continuous efforts and follow-ups of EAD & ADB Teams,” the statement said. “In this regard, he commended the Minister for Economic Affairs for his proactive approach and dedicated efforts for reviewing the progress of projects on regular basis.”