Economic Affairs Minister Ahad Cheema held a significant meeting with Asian Development Bank (ADB) President Masatsugu Asakawa during the 57th annual meeting of the ADB Board of Governors.
The meeting, held in Tbilisi, Georgia, underscored the ADB's continued commitment to supporting Pakistan's economic development initiatives. President Asakawa reiterated the bank's unwavering support for Pakistan, expressing confidence in the country's reform agenda.
🇬🇪 | On the sidelines of ADB's 57th Annual Meeting, Minister EAD met with President #ADB
— Economic Affairs Division, Government of Pakistan (@eadgop) May 6, 2024
President Asakawa reiterated ADB's unwavering support for #Pakistan, acknowledging GoP's commitment to necessary stabilization measures to foster Macroeconomic Stability#BridgetotheFuture pic.twitter.com/yCzxbMW4qP
Minister Cheema appreciated the ADB's longstanding and generous support to Pakistan, acknowledging the vital role it plays in promoting economic stability and growth. The government's efforts to bring about economic stability were commended by both parties, with particular emphasis on ongoing reforms aimed at reducing untargeted subsidies and increasing social security.
During the meeting, Minister Cheema highlighted the importance of public-private partnerships and emphasized the need for climate and disaster response initiatives. He assured the ADB of Pakistan's commitment to domestic resource mobilization, women's financial inclusion, and energy sector reforms.
The ADB's annual meeting serves as a platform for addressing global issues such as food security, climate change, and external shocks. The theme of this year's session, "Bridges to the Future," underscores the importance of collaboration in overcoming challenges and building a sustainable future.
At the ADB's Board of Governors meeting, Minister EAD reaffirmed Pakistan's commitment to wide-ranging reforms to unlock Economic Growth.
— Economic Affairs Division, Government of Pakistan (@eadgop) May 6, 2024
He called for stronger #ADB support in areas of Climate Change, Domestic Resource Mobilization, Human Capital Development, & Food Security. pic.twitter.com/18LpmeMIZP
Minister Cheema also extended an invitation to the president of ADB to visit Pakistan, which was graciously accepted. He further emphasized Pakistan's strong commitment to unlocking its economic growth potential through comprehensive reforms, highlighting improvements in inflation and economic growth as evidence of progress.
In addition to meeting with ADB leadership, Minister Cheema engaged with representatives from the Asian Infrastructure Investment Bank, the European Investment Bank, and bilateral development partners such as the United Kingdom, Germany, and the United States. These discussions focused on ongoing development projects in Pakistan and areas for future collaboration, demonstrating Pakistan's commitment to fostering strong partnerships for economic development and prosperity.
