Pakistan’s economic outlook is “positive”: Asian Development Bank

Islamabad: Pakistan’s economic outlook is “positive” and should adhere to national economic reforms to overcome challenges, says new Country Director Asian Development Bank ADB Werner Liepach.

Talking to newsmen Thursday, he said Pakistan is facing energy shortage, water management, access to finance, supply chain, transport facilities. Pakistan’s economy is interlinked with global economies. If economies at global level perform well, it would have positive effects here as well, he added.

“It does not matter whether Pakistan goes to International Monetary Fund or not, but it will have to adopt national economic reforms agenda for better future of its economy. Agriculture sector has lot of potential to flourish due to good climate conditions and sufficient labour force. However, it requires proper supply chain, transport facilities to develop further.”

Liepach said ADB in collaboration with government is working to improve water management for agri-sector development and to avoid floods. A task force was formed to tackle water management issues and will submit report in November.

He said eight ADB projects under Multi Tranche Finance Facility MFF worth $5.6 billion are in pipeline. Those in energy sector are renewable energy, energy efficiency, transmission and distribution and two in communication sector Nation Highway Program & National Trade Corridor.

Other two in pipeline are water management and urban sector development. Of $5.6 billion ADB already disbursed $2 billion.

He assured ADB will provide funds for all projects for socio-economic uplift. Of total 23 ADB sponsored projects, five have been completed and 18 in pipeline. He said $1.5 billion are available to Pakistan per annum for project financing. “We are providing technical and financial assistance for Bhasha Dam’s construction.”

Leave a Reply