In his meeting with the Pakistani delegation, which was headed by Dr. Kazim Niaz, Secretary, Economic Affairs Division (EAD), Asian Development Bank (ADB) President Masatsugu Asakawa reiterated ADB’s ongoing support for Pakistan. In conjunction with the 56th Annual Meeting of the Board of Governors, the meeting was held.

The president expressed his confidence in Pakistan’s reform agenda and expressed appreciation for the government’s implementation of the necessary stringent stabilisation measures to bring about macroeconomic stability in the nation. He promised Pakistan that ADB would continue to promote domestic resource mobilisation, public-private partnerships, women-inclusive finance, and reforms in the energy sector.

Senior leadership from the member nations gathers at the ADB Annual Meetings to tackle newly developing global concerns like food security, climate change, and handling external shocks. “Rebounding Asia: Recover, Reconnect, and Reform” is the focus of the 56th summit.

Secretary EAD informed the president on a number of measures implemented by the government while praising ADB’s long-standing and significant support for Pakistan. The primary changes involve reducing spending, eliminating unintended subsidies, expanding social protection, increasing tax revenues, adhering to currency rates set by the market, and strengthening the financial viability of the energy industry.

The president’s announcement of the historic Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP) was also warmly received by Secretary EAD. Pakistan is interested in using the new facility to support its mitigation and adaptation efforts as one of the top ten nations most impacted by the negative effects of climate change.

The president accepted Secretary EAD’s request to travel to Pakistan on behalf of Pakistan’s Prime Minister.