PTBP Web Desk
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, hosted a dinner in honor of Masatsugu Asakawa, President of the Asian Development Bank (ADB), and his delegation in Islamabad. The event was an opportunity for high-level discussions on Pakistan’s economic reforms, the nation’s development agenda, and future collaborations between Pakistan and the ADB.
The dinner was attended by several key figures, including Federal Minister for Power Sardar Awais Ahmad Khan Leghari, Federal Minister for Petroleum Mussadiq Masood Malik, Minister of State for Finance and Revenue Ali Parvez Malik, Chairman of the Securities and Exchange Commission of Pakistan (SECP), Deputy Governor of the State Bank of Pakistan (SBP), Secretary Finance, Secretary Petroleum, Special Secretary of the Economic Affairs Division, and senior officials from the Ministry of Finance. Representatives from the ADB also participated in the event, marking a significant gathering of stakeholders involved in Pakistan’s economic development.
In his welcoming remarks, Finance Minister Aurangzeb highlighted the strong and long-standing partnership between Pakistan and the Asian Development Bank. He underscored the pivotal role that ADB has played in supporting Pakistan’s development goals over the years. The minister commended ADB’s continued assistance in various key sectors, including infrastructure, energy, education, and social development. These sectors are crucial for the country’s overall progress, and ADB’s support has been instrumental in driving growth and development.
Minister Aurangzeb also provided an update on the government’s recent reforms of State-Owned Enterprises (SOEs). He explained that these reforms are aimed at improving governance, enhancing efficiency, and ensuring the financial sustainability of these entities. According to the minister, these reforms are central to Pakistan’s economic revitalization and are expected to have a significant impact on the country’s fiscal health. The ADB President, Masatsugu Asakawa, appreciated the efforts undertaken by Pakistan in this regard and reaffirmed ADB’s support for the ongoing SOE reforms. He acknowledged the role these reforms play in strengthening Pakistan’s fiscal framework and promoting economic stability.
The Finance Minister seized the opportunity to advocate for increased ADB engagement with Pakistan’s private sector. He emphasized the importance of the private sector in driving the country’s future growth and development. Minister Aurangzeb highlighted that a dynamic and resilient economy for Pakistan would be best achieved by fostering a robust private sector. He encouraged the ADB to play a more active role in facilitating private sector development, which would lead to sustainable economic growth.
Furthermore, Minister Aurangzeb discussed Pakistan’s achievements related to the Policy-Based Guarantee and the Reko Diq guarantee, both facilitated through the sovereign window. He emphasized the government’s commitment to ensuring transparency and long-term sustainability in managing these key financial obligations. Masatsugu Asakawa acknowledged these accomplishments and commended Pakistan for its dedication to implementing reforms that align with the ADB’s broader vision for the region. He reaffirmed the Bank’s commitment to supporting Pakistan’s development goals, with a focus on projects that promote inclusive growth, innovation, and climate action.
During his response, Asakawa reiterated the importance of the partnership between Pakistan and the ADB. He highlighted the bank’s commitment to supporting Pakistan in its efforts to achieve sustainable and inclusive growth. He appreciated Pakistan’s efforts in implementing reforms that not only benefit the country but also contribute to the region’s overall development and prosperity. The ADB President also expressed his optimism about the future collaboration between Pakistan and the ADB, particularly in areas that align with the bank’s strategic objectives.
The dinner provided a platform for open and constructive discussions between Pakistani officials and the ADB delegation. The event served as an opportunity to explore potential areas of cooperation and to discuss strategies for future collaboration on critical projects. The dialogue emphasized the mutual commitment of both parties to work together in addressing Pakistan’s development challenges and to pave the way for a more prosperous future.
