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Market confidence grows after IMF accord: ADB

Market confidence grows after IMF accord: ADB
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March 22, 2024 (MLN): The market has positively responded to the staff-level agreement between Pakistan and the International Monetary Fund (IMF), said the Country Director of the Asian Development Bank (ADB), Young Ye, as per a press release issued on Thursday.

To enhance economic development in Pakistan and discuss ongoing collaborations, the Country Director of ADB held a meeting with Minister for Finance & Revenue, Muhammad Aurangzeb.

During the meeting, Minister Aurangzeb expressed appreciation for the support provided by ADB over the years.

He particularly highlighted ADB's assistance through Policy Based Lending (PBL) to mitigate the impacts of the pandemic and floods.

Furthermore, the status of ongoing policy-based programs, including the Public Private Partnership (PPP) Program and the Climate and Disaster Resilience Enhancement Program (CDREP) were also discussed.

Acknowledging ADB's pivotal role in promoting climate-conscious programs across Asia and the Pacific, the Minister emphasized the alignment of ADB's climate operations with Pakistan's own climate goals and commitments.

The Minister outlined Government’s priority areas for achieving macro-economic stability and sustainability, including measures to enhance revenue, SOEs reforms, privatization, and public-private partnerships.

Concluding the meeting, both parties reaffirmed their commitment to strengthening the partnership between Pakistan and ADB, with a shared goal of promoting sustainable economic growth and development in the country.

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Posted on: 2024-03-22T10:40:33+05:00