Visit of Mr. Takehiko Nakao, President of the Asian Development Bank

 

 

Mr. Takehiko Nakao, President of the Asian Development Bank called on the Federal Minister for Finance, Senator Mohammad Ishaq Dar here this morning for official talks.

The Finance Minister welcomed the guest and felicitated him on his nomination for a second term as the President of the Asian Development Bank. He appreciated the leadership of President Nakao in development of pro-growth programs of the ADB. The Finance Minister also expressed his grief and sadness on the latest attack on Police Training College in Quetta.

President ADB, Mr. Nakao offered his condolences on the sad incident that took place in Quetta last night. He said that he was greatly grieved to hear the news of the incident. He also said that such incidents are shocking but the world acknowledges the remarkable resilience shown by the government and people of Pakistan for eliminating terrorism.

President Nakao is visiting Pakistan for official talks with the Finance Minister on the Asian Development Bank’s country partnership and for attending the 15th Central Asia Regional Economic Cooperation (CAREC) conference which the government of Pakistan is hosting with the collaboration of the ADB on 25-26 October, 2016.

The Finance Minister gave an overview of recent economic developments that have taken place in Pakistan and the reform process which the government has rigorously followed to revamp the economy.ADB President congratulated the Finance Minister for leading the reforms under the IMF program. Speaking about plans of the Asian Development Bank on future cooperation with Pakistan, he said that the completion of the three year IMF reform is seen as Pakistan’s commitment to economic stability. He said that with high forex reserves, single digit inflation, and high growth projections ADB considers Pakistan an excellent development partner.

The Finance Minister said that Pakistan places a high value on its partnership with ADB.He said that the government is placing special focus on the development of energy and infrastructure projects in the country. He invited the ADB to partner with Pakistan in development of economically viable infrastructure projects. The Minister said that the government has successfully put in place policies resulting in a strong macro-economic framework which will provide a platform for higher growth and increased social sector spending.

President ADB said that given the strong economic credentials of Pakistan and forecasting the country’s growth trajectory, the ADB is actively considering to increase its development assistance in infrastructure, roads and railways, port facilities, railways and energy sector in Pakistan. He also added that Pakistan’s inclusion in the Morgan Stanley Index for emerging economies was a testament of international investors to the transformation of Pakistan to a stable economy.

Senator Ishaq Dar expressed hope that the CAREC Ministerial conference will help facilitate further synergy between member states for enhancing economic integration within the Central Asia region.

The meeting was attended by Governor SBP, Secy EAD, Secy Finance, Secy Water & Power, Secy Statistics, Vice President Asian Development Bank, Alternate Exec Director for Pakistan to ADB Mr Same Saeed and senior officials from the Asian Development Bank.