FM urges ADB to further engage private sector in Pakistan

September 16, 2024 (MLN): Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has requested the Asian Development Bank (ADB) to further engage the private sector in Pakistan, emphasizing that the private sector will play a leading role in driving the country’s future growth and development.

This, he said, will ensure a dynamic, sustainable, and resilient economy for Pakistan.

Aurangzeb hosted a dinner in honor of Masatsugu Asakawa, President of the ADB, and his delegation in Islamabad on Sunday.

In his welcoming remarks, the Finance Minister highlighted Pakistan’s long-standing partnership with the ADB, underscoring the pivotal role the bank has played in supporting Pakistan’s development agenda.

He commended ADB's continued assistance in key sectors such as infrastructure, energy, education, and social development.

Minister Aurangzeb provided an update on the government's recent reforms of State-Owned Enterprises (SOEs), aimed at improving governance, efficiency, and financial sustainability.

He noted that these reforms are central to Pakistan’s economic revitalization.

Asakawa appreciated the efforts undertaken by Pakistan in this regard, reaffirming ADB’s support for the ongoing SOE reforms and their role in strengthening the country’s fiscal framework.

Minister Aurangzeb highlighted Pakistan's achievements related to the Policy-Based Guarantee and the Reko Diq guarantee, both of which have been made possible through the sovereign window.

Asakawa acknowledged these accomplishments and commended Pakistan’s commitment to ensuring transparency and long-term sustainability in managing key financial obligations.

Masatsugu Asakawa, in his response, acknowledged the robust relationship between Pakistan and ADB.

He reaffirmed the Bank’s commitment to supporting Pakistan’s development goals, focusing on projects that promote inclusive growth, innovation, and climate action.

He also appreciated Pakistan’s efforts in implementing reforms that align with ADB’s broader vision for the region.

The dinner provided an opportunity for open and constructive discussions between Pakistani officials and the ADB delegation, paving the way for future collaboration on critical projects.

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