Federal Minister for Finance Senator Ishaq Dar had a meeting with Asian Development Bank (ADB) Executive Director Sami Saeed on Tuesday.
During the meeting, Sami Saeed informed the minister that the ADB had approved on June 30 the amount of $225 million for the flood affectees out of which 65 percent would will be for retroactive financing. Another $400 million were ready to be disbursed to Pakistan after the Board’s approval under the energy sector reforms programme. He informed the minister that the ADB was planning to contribute towards “Disaster Management Fund” for Pakistan along with other donors enhancing the country’s capacity to guard against natural calamities.
The finance minister welcomed the ADB executive director and shared with him details of his recent visit to Beijing for signing articles of agreement of the Asian Infrastructure Investment Bank (AIIB). The minister also exchanged views with Sami Saeed on ADB’s development programmes in Pakistan.
Sami Saeed said that the AIIB had an important role to play for infrastructure development in Asian countries, specifically Pakistan where the government focused on energy, infrastructure and communication projects. He said the establishment of AIIB would help the ADB in becoming more competitive and come up with better investment plans for its development partners. He added that the Pakistan government’s positive measures for economic reforms had earned confidence of foreign investors who were eager to invest in mega projects in the country.
Sami Saeed also referred to the finance minister’s meetings in Baku where he had presented Pakistan’s case for financing requirements in an emphatic manner and said that the ADB was considering to enhance funding for Pakistan.
The finance minister appreciated the support of ADB for Pakistan and said: “The ADB has been a great development partner for Pakistan. We appreciate its fair and independent working procedures. The Bank has always extended support to Pakistan and we hope that it would continue to support Pakistan in future also”.
