Federal Minister for Economic Affairs Mr. Makhdum Khusro Bakhtyar had a teleconference with the President of Asian Development Bank Mr. Masatsugu Asakawa at Ministry of Economic Affairs this morning. Senior officials from both sides attended the virtual meeting.
Federal Minister thanked the President of Asian Development Bank for extending financial assistance of USD 2.5 M as grant and repurposing of USD 50 M for procurement of equipment relating to COVID-19 response in Pakistan. He also requested the President ADB for early approval of USD 500 M as Counter Cyclical Support and USD 300 M as Emergency Assistance Lending (EAL) within this financial year.
The Minister also urged the President of ADB for his support to a pipeline of USD 900 M as various Policy Based Loans for reforms in Capital Markets, Trade & Competitiveness and Energy Sector to be approved by the Board of ADB before the end of 2020.
Federal Minister expressed his views that the socioeconomic impact of COVID 19 is more severe in the developing and low-income countries due to their limited technical and financial capacity. With this in mind, the Prime Minister of Pakistan appealed to the world community including bilateral and multilateral development partners for their joint support to address socioeconomic challenges and debt relief for developing countries.
The President apprised the Minister that Asian Development Bank has so far extended grant assistance worth USD 2.5 million and repurposed USD 50 M from National Disaster Risk Management Fund for Pakistan to respond to the COVID-19 pandemic and this support would bolster Pakistan’s capability to contain the virus. He also assured that the Bank will positively consider Pakistan’s request for timely approval of additional financing from its Board.
Federal Minister for Economic Affairs and President ADB expressed their strong commitment for enhanced financial assistance for socio-economic development of Pakistan especially after the onset of COVID-19 pandemic.
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