General

Pakistan, ADB reiterate to expand economic portfolio

Pakistan and Asian Development Bank (ADB) have reiterated to expand economic portfolio.

The understanding came during a virtual meeting between Minister for Economic Affairs Makhdum Khusro Bakhtyar and new Director General, the Central and West Asia Department of the Asian Development Bank Yevgeniy Zhukov.

During the meeting the Minister appreciated ADB's role as a trusted development partner of Pakistan especially in terms of the quality of the portfolio and support keeping in view the emerging needs of the country that includes ADB's timely support to fight the COVID-19 pandemic.

He highlighted that despite challenges posed by COVID-19 and worldwide contraction, the key economic indicators are showing encouraging results owing to the Government's strong commitment for the structural reforms.

The DG acknowledged Government's commitment to reform process and economic recovery.

He reiterated ADB's commitment work closely with Pakistan to develop more meaningful projects aligned with the country's needs and regulatory frameworks.

Both sides discussed and agreed to expand cooperation in the areas of Trade and Competitiveness, Social Protection, Public Private Partnership, operationalization of the EXIM Bank, and Domestic Resource Mobilization.

The DG and the Minister agreed to continue discussing ways to deepen ADB and Pakistan's development partnership and ensure effectiveness of the ongoing portfolio.

Source: Radio Pakistan