Joint Efforts of WB, ADB, and EAD lead to $4.4bn disbursement: Sardar Ayaz Sadiq

July 27, 2023 (MLN): Due to joint and well-coordinated efforts of the World Bank (WB),  Asian Development Bank (ADB), and Economic Affairs Division (EAD), the ministry was able to achieve disbursement of $4.4 billion during FY23, Sardar Ayaz Sadiq, Federal Minister for Economic Affairs stated while speaking at an appreciation ceremony for exemplary targets attained during FY22-23 on Thursday.

As per the press release issued, the highlight of the event was the distribution of appreciation certificates by the Minister to the outstanding team members of the Asian Development Bank, the World Bank, and the Ministry of Economic Affairs.

Sardar Ayaz acknowledged and appreciated the contributions of relevant EAD officers and the esteemed partners, the WB and the ADB in achieving an exceptional level of disbursements during FY 2022-23.

The Minister highlighted that the WB and ADB cumulatively greatly helped Pakistan in dealing with the adverse impacts of the devastating floods of 2022, the balance of payment issues, and improving the implementation progress of the development portfolio.

“Together, we have set a remarkable precedent, setting the stage for even greater achievements in the future,” he added.  

The Secretary expressed gratitude to the WB, ADB, and his highly motivated team for responding to Pakistan’s development needs and ramping up support, especially during emergency situations.

This level of disbursement is attributed to the tireless efforts and rigorous follow-up by EAD and both the banks with all stakeholders to proactively address the bottlenecks. 

Najy Benhassine, Country Director of World Bank in Pakistan, and Mr. Yong Ye, the Country Director of ADB in Pakistan, delivered heartfelt appreciation remarks, acknowledging the relentless commitment of the team of the Ministry of Economic Affairs.

They praised the unwavering dedication of the team of EAD and emphasized the harmonious partnership between the organizations and the Ministry of Economic Affairs.

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