Pakistan, ADB agree to expand  cooperation in various fields

ISLAMABAD: Pakistan and Asian Development Bank (ADB) on Monday agreed to expand cooperation in various sectors, ARY News reported.      

The understanding came during a virtual meeting between Minister for Economic Affairs Makhdum Khusro Bakhtyar and Director General, the Central and West Asia Department of the Asian Development Bank Yevgeniy Zhukov.

Both sides discussed and agreed to expand cooperation in the areas of trade and competitiveness, social protection, public-private partnership, operationalization of the EXIM Bank, and domestic resource mobilization.

During the meeting, Khusro Bakhtyar appreciated ADB’s role as a trusted development partner of Pakistan especially in terms of the quality of the portfolio and support keeping in view the emerging needs of the country that includes ADB’s timely support to fight the COVID-19 pandemic.

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He highlighted that despite challenges posed by COVID-19 and worldwide contraction, the key economic indicators are showing encouraging results owing to the government’s strong commitment to structural reforms.

The ADB’s director general acknowledged the government’s commitment to the reform process and economic recovery. He reiterated ADB’s commitment to work closely with Pakistan to develop more meaningful projects aligned with the country’s needs and regulatory frameworks.

Both sides agreed to continue discussing ways to deepen ADB and Pakistan’s development partnership and ensure the effectiveness of the ongoing portfolio.