Pakistan has long history of partnership with ADB: Dar

Finance Minister Senator Ishaq Dar has said that Asian Development Bank (ADB) and Pakistan have great partnership with current portfolio of $6.4 billion by the lending agency.
Speaking at a function organised to celebrate ADB's 50th anniversary here on Thursday, the finance minister said when the government came into power the economy was in a very bad shape and donors' support was not as encouraging as that day. Pakistan has long history of partnership with the ADB. He said that in 2013 the present government was faced with the challenges of power crisis and the highest fiscal deficit. The minister said that the government confronted all those challenges head on and put the economy on path of growth. Due to the government's efforts, 5.3 percent GDP growth rate was recorded last year which is the highest in the last ten years, as it remained around average 3 percent in that decade. Current account expenditure was curtailed and budget deficit was reduced from 8.5 percent to 4 percent, he added.
The minister said that he had a lucky partnership with the ADB having a golden jubilee year. He said that the government followed a strict financial discipline without compromising on development spending while expenditure on power sector was increased significantly. He said that Pakistan Development Fund (PDF) has been established with the help of ADB to undertake development projects and unless a project is commercially viable, it will not be placed in the PDF.
"I have already raised annual demand of $2.5 billion with the ADB and the lending agency has agreed to provide $2.1 billion per year," he said. Vice-President ADB Wencai Zhang said that this region has shown significant results during the last 50 years as most of the economies, including Pakistan's economy, moved to middle income. The ADB made efforts to help this happen. "We are working on new strategy to achieve Sustainable Development Goals (SDGs) and would continue to support all countries including Pakistan in their efforts to achieve these goals," he said.
He further said that ADB has been supporting Pakistan for the last 50 years in infrastructure, energy and social sectors. "We have Country Strategy for Pakistan 2015-19 which would be followed by another strategy. In energy sector ADB supports Pakistan transmission system and solar as well as wind power projects in order to help the country meets its energy demands," he added. ADB Country Director Xiaohong Yang in his opening remarks stated that ADB provided first loan to Pakistan in 1968 while over last 50 years partnership with Pakistan remained in transport, infrastructure and energy sectors. A book on the ADB history and a commemorative stamp were also launched on the occasion.