Pakistan and Asian Development Bank Strengthen Partnership for Climate Resilience and Economic Growth

The meeting between Pakistan's Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, and the Asian Development Bank (ADB) President, Mr. Masato Kanda, marks a significant milestone in the two institutions' long-standing partnership. The meeting was attended by senior officials from both sides, including Ms. Emma Fan, Country Director ADB Pakistan, and Mr. Noor Ahmed, Pakistan's Executive Director to ADB. The Finance Minister appreciated ADB's expression of solidarity and reiterated Pakistan's determination to build climate resilience and strengthen disaster preparedness in the aftermath of recent floods.

Key Takeaways:

• Pakistan's economy has shown steady progress despite multiple challenges in recent years, with inflation declining sharply and a turnaround in the current account.
• The country has successfully stabilized its macroeconomic framework, with recent upgrades in Pakistan's sovereign ratings by international credit agencies, which have helped lower the cost of borrowing.
• ADB has provided substantial support to Pakistan in recent years, focusing on reforms in resource mobilization, women's financial inclusion, disaster risk financing, and the clean energy transition.
• The Finance Minister underscored Pakistan's priorities for deeper collaboration with ADB across key areas, including energy transition, climate resilience, transport and logistics, human capital development, and resource mobilization.
• Pakistan has invited ADB to enhance collaboration under the upcoming ADB Country Partnership Strategy 2026-2035, aligned with the country's medium-term development priorities.
• ADB President Mr. Kanda has assured the bank's continued support in key areas, including climate change adaptation, population challenges, infrastructure development, and resource mobilization.

Statistics:

• Pakistan has achieved a turnaround in its current account, with a decline in inflation and recent upgrades in sovereign ratings.
• ADB has supported Pakistan in recent years through reforms in resource mobilization, women's financial inclusion, disaster risk financing, and the clean energy transition.
• The bank has contributed to strengthening Pakistan's agriculture insurance, transport and connectivity infrastructure, and ongoing support for building resilience in the financial sector.
• ADB has pledged to partner with Pakistan on its reform agenda, emphasizing continued support for sustained progress and prosperity.
• The meeting concluded with a strong reaffirmation of mutual commitment to advancing the Pakistan-ADB development partnership in the years ahead.

Sources:

• Government of Pakistan
• Asian Development Bank
• Senator Muhammad Aurangzeb
• Mr. Masato Kanda
• Ms. Emma Fan
• Mr. Noor Ahmed