Finance Minister Praises ADB Support for Pakistan’s Development Plans in Washington

Finance Minister Muhammad Aurangzeb has commended the Asian Development Bank (ADB) for its ongoing partnership and support in furthering Pakistan’s development agenda. Speaking with ADB President Masatsugu Asakawa in Washington, Aurangzeb welcomed ADB’s recent initiatives, including the upcoming office in Islamabad, and expressed optimism for the swift finalization of the ADB’s Country Partnership Framework with Pakistan.

The Minister expressed appreciation for ADB’s recent decision to exempt Pakistan from surcharges beyond exposure limits for the next three years, in addition to completing the Capital Adequacy Framework. He also highlighted the anticipated $500 million loan for the Climate & Disaster Resilience Enhancement Program, expected to be reviewed by ADB’s Board on the 29th.

In a separate meeting with representatives from S&P Global, the Finance Minister discussed Pakistan’s improved macroeconomic indicators, including fiscal consolidation and external account stabilization. He shared updates on reduced government financing costs, which he said would help lower debt servicing expenses, expressing optimism about a possible upgrade in Pakistan’s rating.

Aurangzeb also met with Deemah AlYahya, Secretary-General of the Digital Cooperation Organisation (DCO), and highlighted the growing potential of Pakistan’s IT sector. The meeting underscored the significance of regional cooperation, domestic revenue mobilization, and digital expansion as key contributors to Pakistan’s future economic growth.