ADB says Pakistan has the potential to become an economic hub
ADB is introducing best practices, sharing knowledge, and developing capacity building through partnerships with all stakeholders.
The Asian Development Bank has stated that Pakistan has immense potential for economic progress given its strategic location and young population.
Speaking to a local news outlet, the Country Director of ADB for Pakistan, Xiaohong Yang, said, “Pakistan can become a regional hub for trade and economic activity, but the major disadvantage is weak connectivity and business links.
“Moreover, the coronavirus pandemic gas caused a massive downturn in 2020 and is likely to push more people into poverty.”
Yang also said that ADB has been taking major steps in providing critical finance to the government to administer its pro-poor fiscal and monetary strategy to deal with the epidemic’s impacts.
He added that ADB has also funded a $2 billion loans to help the country overcome the pandemic challenges.
The country director also revealed that ADB is introducing best practices, sharing knowledge, and developing capacity building through partnerships with all stakeholders.
The bank has also formulated a new partnership strategy (2021-2025) for Pakistan. It is outlined to restore growth and economic stability by deploying sovereign and non-sovereign operations to support infrastructure, agribusiness, and finance sector investment.
ADB will target reforms that increase competitiveness, generate jobs, and encourage market innovation.
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