ADB, Pakistan prepare 5-year Country Partnership Strategy for 2020-24

’ADB plans to provide Pakistan about $7 billion in fresh assistance for various development projects and policy-based programs during the next three years .

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ADB

A 5-year Country Partnership Strategy for 2020 – 2024 is being planned by ADB (Asian Development Bank) and Pakistan. Combining with ADB’s 2030 Strategy and the government’s vision of development, this plan will define what the development priorities should be of Pakistan to support its economic transformation programs.

The new strategy will also favor the efforts made by other development partners.

‘’ADB plans to provide Pakistan about $7 billion in fresh assistance for various development projects and policy-based programs during the next three years under its country operations business plan 2020-2022, aimed at developing the country’s social protection, urban services, energy security, transport, agriculture and water resources, education, trade, and tourism. This will help spur inclusive and sustainable economic growth’’ – said Shixin Chen, ADB Vice President, after his visit to Pakistan.

Mr. Shixin met with Prime Minister Imran Khan when on his first official visit to Pakistan on 29th- 30th August. During the meeting, he ensured Imran Khan about ADB’s backing for the development priorities of the country.

‘’ADB has an enduring development partnership with Pakistan”

On his 2-day visit, Chen met Abdul Hafeez Sheikh (advisor of Prime Minister on Finance and Revenue), Hammad Azhar (Minister for Economic Affairs), Sania Nishtar (Chairperson of Benazir Income Support Program), Omar Ayub Khan (Minister for Planning, Development and Reforms) and Makhdoom Khusro Bakhtiar and a number of other government officials.

‘’ADB has an enduring development partnership with Pakistan. Over the last five decades, Pakistan and ADB have worked together to develop the country’s key infrastructure, promote exports and private sector efficiency, reform public sector management, develop the country’s financial market, improve urban services, provide emergency assistance and prioritize social sector development’’ – Chen stated.

He further said that,

‘’ADB is committed to support the government’s reform agenda to promote inclusive and sustainable economic growth, develop key infrastructure, strengthen regional cooperation, attract investments, and promote industry and private sector’’

During his visit to the country, Chen paid a visit to Hasan Abdal-Havelian Expressway (E-35), which was built by the joint efforts of ADB and DFID (Department for International Development) of the United Kingdom (UK), Pehur Irrigation Project and a facilitation center of Benazir Income Support Program. He also met with the beneficiaries of the project.

Opening statements were delivered by Chen at the inauguration session of the first-ever Central Asia Regional Economic Cooperation (CAREC) capital market forum. The inauguration was held in Islamabad on 29th and 30th August. He also had a breakfast meeting with the heads of key development partners.

ADB has been a massive support to Pakistan in the development sector. It provided its first loan to the country in 1968 to help Pakistan fund credit requirements of small and medium-scale industries. Since then, $33 billion have been committed to helping Pakistan in improving its economy, achieving the development goals and eradicating poverty.

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