Pakistan and ADB Seal Funding Agreements for Flood Relief Projects in Meeting with PM Sharif
Major Loan Agreements Signed to Support Post-Flood Recovery and Regional Development
Asian Development Bank (ADB) President Masatsugu Asakawa, along with his delegation, met with Prime Minister Muhammad Shehbaz Sharif to extend congratulations for his government’s extensive reforms. Asakawa reiterated ADB’s ongoing commitment to supporting Pakistan.
During their discussion, Asakawa acknowledged the enduring partnership between Pakistan and ADB, noting that Pakistan has been a foundational member of the bank. He also emphasized ADB’s continued backing for key areas in Pakistan, including infrastructure development, climate resilience, and institutional reforms.
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While appreciating ADB’s long-standing and steadfast support to Pakistan, the prime minister informed the visiting president about a series of reforms introduced by the government. The key reforms include enhancing tax revenues, improving financial sustainability of the energy sector, enhancing climate resilience, reduction in untargeted subsidies and scaling up social protection.
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The Prime Minister highlighted his personal involvement in overseeing the progress of reforms to ensure their successful implementation and long-term effectiveness. He emphasized the government’s dedication to fostering sustainable economic growth and stability.
The Prime Minister also expressed his gratitude for the Asian Development Bank’s substantial support, noting the US$1.5 billion provided in response to the 2022 floods. He conveyed Pakistan’s eagerness to collaborate with development partners on climate resilience projects, including those related to agriculture.
During the meeting, the Prime Minister and ADB President Masatsugu Asakawa witnessed the signing of two significant loans: the Sindh Emergency Housing Reconstruction Project, valued at US$400 million, and the Khyber Pakhtunkhwa Rural Roads Development Project, worth US$320 million. Both projects are part of ADB’s commitment to addressing the impacts of the recent floods.
The meeting was also attended by Federal Ministers for Planning & Development, Investment & Privatization, Economic Affairs, Finance & Revenue, along with other senior government officials.
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