ADB reaffirms commitment to support Pak development goals

ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb hosted a dinner in honor of Masatsugu Asakawa, President of the Asian Development Bank (ADB), and his delegation here on Sunday.

The event was also attended by Federal Minister for Power Sardar Awais Ahmad Khan Leghari, Federal Minister for Petroleum Musadik Masood Malik, Minister of State for Finance and Revenue Ali Parvez Malik, SECP chairman, SBP deputy governor, secretary finance, secretary petroleum, special secretary of Economic Affairs Division, senior officials from the Ministry of Finance and representatives of the ADB.

In his welcoming remarks, the finance minister highlighted Pakistan’s longstanding partnership with the ADB, underscoring the pivotal role the bank has played in supporting Pakistan’s development agenda. He commended ADB’s continued assistance in key sectors such as infrastructure, energy, education and social development.

Minister Aurangzeb provided an update on the government’s recent reforms of State-Owned Enterprises (SOEs), aimed at improving governance, efficiency and financial sustainability. He noted that these reforms are central to Pakistan’s economic revitalisation.

Asakawa appreciated the efforts undertaken by Pakistan in this regard, reaffirming ADB’s support for the ongoing SOEs reforms and their role in strengthening the country’s fiscal framework.

The minister also took the opportunity to request ADB to further engage the private sector in Pakistan, emphasizing that the private sector will play a leading role in driving the country’s future growth and development. This, he said, will ensure a dynamic, sustainable and resilient economy for Pakistan.

In addition, Minister Aurangzeb highlighted Pakistan’s achievements related to the Policy-Based Guarantee and Reko Diq guarantee, both of which have been made possible through the sovereign window.

Asakawa acknowledged these accomplishments and commended Pakistan’s commitment to ensuring transparency and long-term sustainability in managing key financial obligations.

Masatsugu Asakawa, in his response, acknowledged the robust relationship between Pakistan and ADB. He reaffirmed the Bank’s commitment to supporting Pakistan’s development goals, focusing on projects that promote inclusive growth, innovation, and climate action. He also appreciated Pakistan’s efforts in implementing reforms that align with ADB’s broader vision for the region.

The dinner provided an opportunity for open and constructive discussions between Pakistani officials and the ADB delegation, paving the way for future collaboration on critical projects.