ISLAMABAD Sept 5: The Asian Development Bank (ADB) president Mr Haruhiko Kuroda on Monday said that the Asian Bank would increase its annual assistance by 50 per cent over the next three years. The increase in assistance was in recognition of Pakistan’s high growth potential and capacity building, he said.
Talking to journalists after meeting with Prime Minister Shaukat Aziz and his team, the ADB chief said Pakistan would get $3.72 billion over the next three years. The Prime Minister Shaukat Aziz was also present on the occasion.
Prime Minister Shaukat Aziz said the ADB was Pakistan’s dependable partner which had supported it at the time when its economy was in shambles.
Responding to a query, Mr Kuroda said he was convinced that Pakistan had a great potential of attaining even higher growth rate, but it might miss the target this year because of global economic recession. He said he was positive about Pakistan’s bright chances for gaining even greater growth rate in 2007.
He said there was great room of cooperation between Pakistan and India and some Middle Eastern countries and the two erstwhile rivals could join hands in the energy sector which would be a win-win situation for all of the South Asian economies.
Prime Minister Shaukat Aziz said the bank had been supportive on reform agenda and its relations with Pakistan had been very comprehensive.
He said the bank was assisting the country in most of infrastructural projects and was now ready to provide assistance in mega city programme for which Karachi had been selected which need growth, housing, roads, drainage and all other civic facilities.
Likewise, he stated, ADB would also assist Pakistan in medium and small cities programme under which all the four provinces would be covered.
Mr Aziz said ADB has also assisted Pakistan in its judicial reforms programme, which would go a long way in bettering judicial infrastructure to provide all important justice that was necessary for development.
He said Pakistan had great potential to be connected with Central Asian states through Afghanistan and needs roads for the purpose and ADB is expected to extend assistance for the same.
Similarly, the premier mentioned ADB’s assistance in Small and Medium Enterprises (SMEs), macrofinancing, highways connecting the four provinces and Afghanistan.
He said, “we need energy security, water security and food security and for the purpose we will need ADB assistance.”
Later, prime minister threw a dinner in honour of visiting ADB president and his entourage.
Speaking on the occasion, prime minister said Pakistan’s economy was on a high growth trajectory with real GDP
maintaining a robust upward trends; budget deficit having been reduced significantly;
revenue collection and exports in double digit in last three years.
He mentioned legal reforms, civil service reforms, and capacity building under implementation as steps forward towards putting th country on road to good governance.
He said Pakistan can be the anchor of peace, stability and prosperity for the entire region as it earnestly seeks amicable and peaceful relations with all the countries of its region.