India asks ADB to stop financial assistance to Pakistan

KARACHI: India has demanded that the Asian Development Bank (ADB) stop financial assistance to Pakistan.

The demand made by Indian Finance Minister Nirmala Sitharaman during the 58th annual meeting of the ADB with ADB President Masato Kanda in Milan, Italy.

India’s demand to stop funding from ADB is part of a larger effort to increase economic pressure on Pakistan. According to sources, she also met with Italian Finance Minister Giancarlo Giorgetti and requested him to reduce financial assistance to Pakistan. Italy’s development cooperation plays a significant role in Pakistan through the United Nations Development Programme (UNDP).

India is demanding not only the ADB but also other global financial institutions such as the IMF and the World Bank to review the aid given to Pakistan. It is also trying to get Pakistan re-included in the Financial Action Task Force (FATF) grey list. Experts say that the economic strategy of India could put a lot of pressure on Pakistan’s weak economy.