GoP’s ongoing efforts to ensure stability have started showing encouraging results despite the COVID-19 challenge: ADB
Islamabad: November 27, 2020

Makhdum Khusro Bakhtyar, Minister for Economic Affairs witnessed the signing of policy-based loan agreement of Trade & Competitiveness Program (Subprogram-2) amounting to US$ 300 million between the Government of Pakistan and the Asian Development Bank. The loan agreement was signed by Mr. Noor Ahmed, Secretary, Economic Affairs Division and Ms. Xiaohong Yang, Country Director, Asian Development Bank (ADB). Asian Development Bank approved the Trade & Competitiveness Program today on 27th November, 2020. This program will help improve the exports by enhancing trade competitiveness and diversification. Under Trade & Competitiveness Program, the government is introducing important tariff and tax policy reforms to help improve Pakistan’s international competitiveness and further strengthen key institutions, including accreditation bodies, the Export–Import Bank of Pakistan, and National Single Window. This program will also help Pakistan to further improve its current account balance in a sustained manner and strengthen foreign exchange reserves. Makhdum Khusro Bakhtyar, Minister for Economic Affairs stated that the government’s key economic reforms and policies helped stabilizing external account despite the unprecedented challenges caused by COVID-19 pandemic. Pakistan’s external account stability is underpinned by highest ever remittances, improved balance of trade & official inflows. The Minister further highlighted the commitment of his government towards achieving macroeconomic stability and growth through improved fiscal management and trade facilitation, better governance and strengthened regulatory framework. Ms. Xiaohong Yang, Country Director stated that the ADB is a long standing development partner of Pakistan. ADB fully supports the government's development vision and policies. ADB is providing its support for policy reforms and project financing in the key priority areas such as financial management, energy, road, social sector, water & irrigation and urban services. During the Board of Directors’ Meeting, ADB management acknowledged that the government’s ongoing efforts to ensure stability have started showing encouraging results despite the COVID-19 challenge.