Wednesday, May 7, 2008, Rabi-ul-Sani 30, 1429    

Ishaq Dar, ADB chief discusses economic road map

Staff Correspondent

Islamabad—Senator Ishaq Dar, Minister for Finance accompanied by Dr. Shamshad Akhtar, Governor State Bank of Pakistan met Haruhiku Kuroda, President, Asian Development Bank in Madrid yesterday on the sideline of the 41st Annual Meeting of ADB Board of Governors. Senator Dar who is also the Governor for Pakistan in the ADB Board of Governors, apprised the President of the economic road map of Pakistan for macro-economic stability to improve financial deficit. President ADB appreciated all the actions taken by the government and assured that ADB will continue its support to Pakistan for its development agenda.
Finance Minister took up the resolution of issues surrounding the ongoing capital market operations project which had slowed down in the past. The matter was resolved and as such the project would soon be back on course. Finance Minister also invited ADB President Kuroda to visit Pakistan .He also thanked the President for support of US$ 200 million already released to Government of Pakistan which will be followed by another US$450 million disbursement by the end of June 2008.
In another meeting, the Finance Minister, Senator Muhammad Ishaq Dar met the Finance Minister of China Mr. Xie. Dr. Shamshad Akhtar, Governor State Bank of Pakistan also joined the meeting. Finance Minister of Pakistan invited Chinese counterpart to visit Pakistan for the Joint Economic Commission and this was accepted by the Chinese Finance Minister.
During the discussion, the possibility of financing water reservoirs/hydel projects especially Bhasha Dam came under discussion. The Chinese Finance Minister reiterated Chinese Government?s continued support for the newly elected government in its development efforts. The meeting was also joined by Dr. Shamshad Akhtar, Governor State Bank of Pakistan , Mr Sibtain Fazl Haleem Executive Director, and Zafar Hasan Reza, Joint Secretary as Temporary Alternate Governors. President ADB was assisted by Mr. Juan Miranda. Director General, ADB and his team in this bilateral meeting.