Islamabad: In a series of high-level meetings, Asian Development Bank (ADB) President Masatsugu Asakawa and Pakistan’s top leadership, including President Asif Ali Zardari and Prime Minister Mian Muhammad Shahbaz Sharif, focused on advancing the country’s economic recovery and reforms. Asakawa’s visit underscores ADB’s ongoing commitment to supporting Pakistan, particularly in the aftermath of the 2022 floods that have added complexity to the nation’s economic challenges.
According to Asian Development Bank announcement issued on 16 September 2024, during his four-day visit, Asakawa engaged in discussions with various key figures, including Minister for Finance and Revenue Muhammad Aurangzeb, and Minister for Economic Affairs and ADB Governor Ahad Khan Cheema, exploring areas such as macroeconomic stability, infrastructure development, and climate resilience. A highlight of the visit was the signing of agreements for two significant projects aimed at rebuilding efforts and improving rural connectivity in Sindh and Khyber Pakhtunkhwa.
The discussions with Pakistani officials touched on several pivotal projects, including the $400 million Sindh Emergency Housing Reconstruction Project to aid in flood recovery, and the $320 million Khyber Pakhtunkhwa Rural Roads Development Project, which will rehabilitate around 900 kilometers of rural roads to boost connectivity and climate resilience. ADB has committed to providing Pakistan with an average annual assistance package of more than $2 billion over the coming years, focusing on climate-resilient infrastructure, social protection programs, and institutional reforms.
Additionally, Asakawa visited the Benazir Income Support Programme (BISP) center near Taxila, where he met with women benefiting from the initiative, which supports disadvantaged women through direct cash transfers, enhancing their economic empowerment and access to social safety nets.
ADB’s continued partnership with Pakistan is aimed at fostering a prosperous, inclusive, resilient, and sustainable development path for the country, as part of its broader mission to eradicate extreme poverty in Asia and the Pacific.