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| May 12, 2003 | Monday | Rabi-ul-Awwal 9, 1424 |
ADB to give $2.6bn for development
ISLAMABAD, May 11: The Asian Development Bank (ADB) will provided $2.6 billion to Pakistan during the next three years, besides coordinating regional trade from Gwadar via Afghanistan to Central Asian Republics.
This was stated by Yoshihiro Iwasaki, Director General South Asia Department and head of Regional Economic Monitoring Unit of the ADB in a meeting with Finance Minister Shaukat Aziz on Sunday.
They discussed economic situation and reforms introduced by the government for sustainable development and poverty reduction in Pakistan.
Mr Aziz appreciated ADB for being a long-standing development partner and its continuing support for development of Pakistan.
He also informed the ADB official that as result of the economic reforms the macro economic indicators had registered a positive gain and further improving.
He added that during the current financial year GDP was expected to be 4.5 per cent, while per capita income per annum had increased from $429 last year to $475 in the current fiscal.
He said that exports were up by 15 per cent during the last ten months, import of non-food items including machinery was up by 35 per cent which indicated that economic activities were accelerating.
Mr Aziz said that poverty in the country had also declined and much had to be done for the alleviation of poverty in the country.
The finance minister informed the ADB official that reforms agenda initiated by the government would continue for the socio- economic development of the country and invest more on the social sector development including health education and poverty reduction, access to justice, in order to uplift and improve the living standard of the people.
The ADB official appreciated the commitment of Prime Minister Mir Zafarullah Khan Jamali and his government for the continuation of the economic reforms. “Pakistan’s economic reforms are one the best programmes in the region,” he remarked.
He said that the ADB would provide $2.6 billion during the next three years to Pakistan and the amount would be enhanced for various development projects especially the construction of Gwadar to Afghanistan road to promote the regional trade between Pakistan, Afghanistan and Central Asia Republics for the collective benefit of the people of the region.
He added that the ADB would also support construction of roads within Afghanistan.
He said that in the year 2002 the ADB had provided $1.1 billion to Pakistan for different projects of social development.
The ADB official said that Pakistan’s geo-political importance and its road links would provide great opportunities for promotion of trade in the region and assured the bank’s full support to Islamabad.
He also appreciated Pakistan for holding Pakistan Development Forum to enable the donors, development partners and experts to share their views regarding the country’s economic policies.—APP
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