Warning that Pakistan faces an existential crisis where true economic transformation hinges entirely on trade growth, Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal declared today that debt-driven stabilization offers false security and that expanding exports is the country's only sustainable path forward.
"Stabilization will only be true stabilization when it is not on the back of debt. Only exports can give us the legs to grow," Minister Ahsan Iqbal emphasized, describing the pivot toward export-driven growth as a matter of "life and death" for the nation.
The Minister made these remarks during a high-level meeting with Mr. Yingming Yang, Vice President (South, Central, and West Asia) of the Asian Development Bank (ADB), who called on him in Islamabad to discuss ADB’s ongoing support for Pakistan’s development agenda under the URAAN Pakistan framework.
Seeking ADB’s technical assistance and global best practices, Minister Ahsan Iqbal called on the bank to help develop a strategic road map for export expansion and diversification, mirroring the landmark technical support ADB provided during Vision 2010. He reiterated the government's ambition to transform Pakistan into a $1 trillion economy by 2035 and noted that Prime Minister Shehbaz Sharif is fully committed to removing structural bottlenecks, reforming key sectors—including industry, food security, commerce, and foreign affairs—and leveraging economic diplomacy.
Highlighting Pakistan’s economic turnaround from 2022 to 2026 as a compelling case study for developing economies, the Minister requested ADB to maintain continuous coordination on development projects to ensure optimal alignment with state priorities.
Turning to climate adaptation and water security, Ahsan Iqbal noted that Pakistan is facing increasingly severe and unseasonal rainfall events. He urged ADB to partner in developing critical localized water management infrastructure.
"We need to seriously consider developing small dams, water reservoirs, and retention ponds to store rainwater, particularly in areas where large volumes of water are currently being drained away. This stored water can help protect our cities, support agriculture, and strengthen our overall water security," the Minister stated, while also highlighting the challenge of sudden transboundary water inflows.
Addressing environmental conservation, Ahsan Iqbal requested ADB’s technical expertise to build a sustainable tourism management framework for Gilgit-Baltistan to protect the region's fragile ecosystems amidst surging visitor numbers.
During the meeting, the ADB Vice President formally invited Minister Ahsan Iqbal to lead Pakistan’s national delegation to the 25th CAREC Ministerial Conference, scheduled for September 29–30, 2026, in Ulaanbaatar, Mongolia—an invitation the Minister accepted.
Reaffirming the bank's commitment, Mr. Yingming Yang stated that ADB remains closely aligned with the Government of Pakistan’s core strategic objectives under URAAN Pakistan, pledging continued support for institution building, climate resilience, and long-term sustainable growth.
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