ADB fully supports Pakistan’s dev vision, policies Loan of Trade, Competitiveness Program $500m signed

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Staff Reporter

Islamabad

Country Director of Asian Development Bank Ms. Xiaohong Yang said that ADB is one of the leading development partners of Pakistan. ADB fully supports the government’s development vision and policies.
She expressed these views after signing loan of Trade & Competitiveness Program (Subprogram–1) amounting to USD 500 million with Government of Pakistan here on Wednesday. The loan agreement was signed by Noor Ahmed, Secretary, Economic Affairs Division and Ms. Xiaohong Yang, Country Director, Asian Development Bank (ADB).
Muhammad Hammad Azhar, Minister for Economic Affairs was also present on the occasion.
Xiaohong Yang expressed that ADB is providing its support for policy reforms and project financing in the key priority areas such as energy, road, social sector, water & irrigation and urban services. She also reiterated ADB’s strong commitment to further strengthening and expanding its partnership with Pakistan.
Trade & Competitiveness Program will help Pakistan to promote macroeconomic stability; improve export performance; and boost economic growth by facilitating improved trade competitiveness.
Under this programme, the government has introduced important tariff and tax related policy reforms to support Pakistan’s export sector and improve its competitiveness internationally and strengthen key institutions involved in facilitating trade, including accreditation bodies Export-Import Bank of Pakistan (EXIMBP) and the National Single Window (NSW).
Minister for Economic Affairs Muhammad Hammad Azhar acknowledged ADB’s support for Pakistan. He highlighted that Pakistan’s exports are concentrated in less sophisticated and lower value-added products and lack diversification and innovations. The Minister expressed that ADB’s policy-based lending will not only strengthen the foreign exchange reserves but will also provide fiscal space to the government and boost economic activities in the country.
The Minister reiterated that the government is fully committed to improve governance, bring economic reforms and achieve sustainable development. The government aims to put Pakistan’s economy on the path of sustainable and balanced growth and increase per capita income.
He emphasized that ADB should further scale up its assistance to Pakistan both for programme lending and project financing.