ISLAMABAD, Feb 23: Prime Minister Shaukat Aziz has asked Asian Development Bank (ADB) to help Pakistan in restructuring of pension fund and insurance system on fast track.

The prime minister stated this while talking to ADB Director General Juan Miranda, who called on him here on Friday. The ADB delegation agreed to the suggestions made by the prime minister. Juan Miranda told the prime minister that ADB would enhance its role in a number of areas and would provide $400 million soft financing for earthquake housing and $800m for building Expressway in Karachi.

The ADB DG said that his bank would also assist Pakistan in urban development and would assist fund programmes related to water, waste and sewerage management and urban management in Karachi and some towns of Sindh.

An official announcement said that the prime minister told the ADB director general that the successful implementation of wide-ranging structural reforms had put the economy back on the track of sustainable development.

Banking and financial sectors have made good progress and pension and insurance reforms are part of the second generation reforms being pushed by the government, he added.

He asked the ADB to enhance its role in the infrastructure strengthening and construction of water storages. He said the government was focusing on improving logistics chain to improve the competitiveness of local products.

The completion of National Trade Corridor (NTC) and building of North South Corridor will speed up the country’s industrial development, he added.

He said the government would build a series of industrial zones, cold chains and warehouses alongside the highways to expedite industrialisation.

He said Pakistan was using its unique geo-strategic location to promote regional cooperation.

“We are developing a network of infrastructure to leverage our position as a bridgehead for multiple corridors of cooperation involving energy, trade and transportation corridors,” the premier said.