Asian Development Bank President Masatsugu Asakawa recently made a groundbreaking announcement: a massive $6 billion aid package for Pakistan, spread over three years, with $2 billion allocated annually.
This exciting development came after Asakawa’s productive meeting with Pakistan’s President Asif Ali Zardari in Islamabad. The two leaders discussed Pakistan’s economic recovery and vital reforms. Asakawa’s visit to Pakistan, from September 13 to 18, 2024, also included meetings with high-ranking officials.
Asakawa met with Prime Minister Mian Muhammad Shehbaz Sharif, Minister for Finance and Revenue Muhammad Aurangzeb, and Federal Minister for Economic Affairs and ADB Governor Ahad Khan Cheema. Their discussions centered around macroeconomic stability and climate resilience – crucial issues for Pakistan’s growth.
During his visit, Asakawa witnessed the signing of two significant projects under ADB’s flood recovery efforts:
1. The $400 million Sindh Emergency Housing Reconstruction project.
2. The $320 million Khyber Pakhtunkhwa Rural Roads Development project.
Asakawa also visited a Benazir Income Support Programme center, where he met disadvantaged women benefiting from the social protection initiative. This firsthand experience highlighted the positive impact of ADB’s support.
The Asian Development Bank’s commitment to Pakistan is clear. This substantial aid package will:
1. Boost economic recovery.
2. Enhance climate resilience.
3. Support vital reforms.
Pakistan can now focus on rebuilding and recovering from the devastating 2022 floods. The ADB’s support will also advance crucial reforms, driving Pakistan toward a brighter future.
