Tbilisi, At the 57th Annual Meeting of the Board of Governors, Mr. Masatsugu Asakawa, President of the Asian Development Bank (ADB), met with Pakistan’s delegation led by Federal Minister for Economic Affairs, Mr. Ahad Khan Cheema, and reaffirmed the ADB’s support for Pakistan’s economic initiatives. The discussions emphasized continued collaboration in various sectors, including energy reforms and climate resilience.

According to Press Information Department, during the meeting, President Asakawa expressed confidence in Pakistan’s economic reform strategies and recognized the government’s efforts in implementing necessary stabilization measures to achieve macroeconomic stability. He assured continued ADB support in key areas such as Public Private Partnerships, domestic resource mobilization, women-inclusive finance, and energy sector reforms. Minister Cheema provided an update on the progress of significant governmental reforms, including enhancing tax revenues, improving the financial sustainability of the energy sector, and expanding social protection measures.

Minister Cheema also highlighted the ADB’s institutional advancements, including the successful completion of the Capital Adequacy Framework review, which is expected to unlock $100 billion in additional financing over the next decade for developing member countries. He called on the ADB to allocate these resources towards impactful interventions, particularly in climate action for vulnerable nations. Further, Minister Cheema extended an invitation on behalf of the Prime Minister of Pakistan to President Asakawa to visit Pakistan, which he accepted.

The ADB Annual Meeting served as a platform for global leaders to address pressing issues such as food security, climate change, and external economic shocks, under the theme “Bridge to the Future.” Additionally, Minister Cheema engaged with leaders from the Asian Infrastructure Investment Bank, the European Investment Bank, and development partners from the United Kingdom, Germany, and the USA to enhance bilateral cooperation in areas like digital taxation, energy infrastructure, and climate change initiatives.