ADB reiterates its resolve to work with Pakistan on economic challenges

Pakistan is committed to completing the reforms agreed upon in the IMF program, says PM Shehbaz.

In a bid to mitigate the economic problems of the cash-strapped nation, the Asian Development Bank (ADB) on Tuesday reaffirmed its resolve to continue working closely with Pakistan.

The development came during a meeting between Prime Minister Shehbaz Sharif and a delegation of the executive directors of the ADB of Japan, China, and South Korea in Islamabad.

Speaking on the occasion, the premier lauded ADB’s longstanding association with Pakistan and for being a reliable partner in the socioeconomic development of the country.

He appreciated the ADB’s generous support in the wake of the 2022 floods. This includes the emergency relief grant, post-disaster needs assessment, and pledges made during the climate resilience conference in Geneva.

The prime minister also lauded ADB’s financing across key economic sectors of Pakistan, particularly transport, energy, climate change, and social sector. He expressed the hope that the bank would continue its strong partnership with Islamabad in addressing the country’s macroeconomic challenges.

The participants were apprised that the 9th review under the International Monetary Fund (IMF) program is progressing well with a staff-level agreement expected in the next few days.