Long-term partnership between Pakistan & ADB would grow further: Finance Minister Muhammad Aurangzeb
ISLAMABAD, Nov 04 (SABAH): Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Monday held a meeting with Ms. Emma Fan, new Country Director of Asian Development Bank in Pakistan, who along with Asad Aleem, Deputy Country Director-ADB Pakistan, called on the Minister at the Finance Division.
Senator Muhammad Aurangzeb welcomed Ms Emma Fan on her posting in Pakistan, and hoped the long-term partnership between Pakistan and ADB would grow further during her tenure and the Bank would continue to play a pivotal role in supporting Pakistan’s development agenda. The Minister also shared with her an update on the state of the economy and ongoing reforms in SOEs, taxation and energy and other sectors for improving governance, efficiency and sustainability of these sectors.
Expressing appreciation for the reforms undertaken in various sector of the economy, Ms. Emma Fan told the Minister the ADB was working on a new country partnership strategy for Pakistan, with focus on critical sectors such as climate change, economic growth and prosperity. She briefed the Minister about ADB’s portfolio investments, its ongoing and upcoming projects in Pakistan and the Bank’s support for economic reforms, socio-economic development, poverty reduction, climate change as well as policy-based funding and budgetary support for the country.
She said the ADB had seven projects for Pakistan this year, and there were 16 projects planned for the next year as part of an extensive and meaningful partnership and collaboration with Pakistan. She also updated the Minister on projects initiated or being planned by the Bank for various sectors, including financial assistance for poverty reduction, ongoing SOE and SME reforms, support to power distribution companies for installation of smart meters at transformer and grid level, establishment of early flood warning system, and the digitalization drive in FBR.
Meanwhile Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a meeting with TPG Capital, led by Jide Olanrewaju, Partner at TPG. The meeting focused on strengthening investment ties and exploring opportunities to enhance economic growth in Pakistan.
During the meeting, Minister Muhammad Aurangzeb highlighted the positive trajectory of Pakistan’s economic indicators. He pointed out the notable decline in the current account deficit, which reflects improved economic stability. The Minister also emphasized the government’s commitment to boosting exports through diversification strategies, noting that the recent efforts have resulted in a marked increase in export performance. Furthermore, he announced that inflation has decreased to single-digit levels, a testament to the government’s effective economic management.
In line with the government’s vision for sustainable economic growth, the Finance Minister discussed the ongoing structural reforms aimed at enhancing market conditions and creating a conducive environment for both domestic and foreign investments. These reforms are pivotal in attracting capital and fostering investor confidence in Pakistan’s economic landscape.
Jide Olanrewaju of TPG Capital expressed keen interest in enhancing investments in climate transition infrastructure. He underscored the importance of attracting more capital to support sustainable development initiatives within the country. This aligns with the global shift towards greener investments and highlights TPG’s commitment to responsible investing.
The Minister also informed the delegation about the recently agreed upon ten-year partnership framework with the World Bank. This strategic partnership aims to facilitate various projects that are expected to significantly contribute to the country’s economic development.
The meeting concluded with a shared commitment to collaborate on investment initiatives that align with Pakistan’s economic goals and sustainable development objectives. Minister Muhammad Aurangzeb reiterated the government’s openness to engaging with international investors and emphasized the vital role that partnerships with organizations like TPG Capital play in driving economic progress.