ADB to give Pakistan $2.1bln in reforms support this year

ISLAMABAD: As part of plans to support Pakistan’s reform and development programs, officials from the Asian Development Bank (ADB) said on Monday that the lender plans to provide $2.1 billion out of $3.4 billion funds during the current fiscal year.
Representatives from the ADB and the government held a series of meetings in Islamabad on Monday to formulate a new Country Partnership Strategy (CPS) which will guide the lender’s engagement in Pakistan from 2020 to 2024.
In a statement released on Monday, ADB’s Country Director for Pakistan, Xiaohong Yang said that the partnership strategy will prioritize innovation, analytical support, public–private partnership, and the application of new technologies.
“ADB plans to provide about $2.1 billion out of $3.4 billion funds to support Pakistan’s reform and development programs during fiscal year 2019–2020,” Yang said.
ADB has plans to support Pakistan with indicative lending of up to $10 billion for various development projects and programs during the next five years, the statement added.
“ADB’s partnership strategy will be aligned with the government’s development vision and policies, and is expected to introduce new approaches to development financing in urban services, energy security, transport, agriculture and water resources, education, trade, and tourism,” Yang said.
Nadeem Babar, Special Assistant to the Prime Minister for the Petroleum Division discussed the implementation of the energy sector reforms during the meetings.
Representatives from the provincial governments of Punjab, Sindh, Khyber Pakhtunkhwa, and Balochistan also attended the consultations and outlined key features of their development and growth strategies. 
Babar, for his part, said that the new strategy is being formulated “at an important juncture.”
“ADB’s concessionary and result-oriented assistance will strengthen the government’s efforts to address fiscal imbalances in the energy sector through meaningful and robust reform programs and development projects,” he said, adding that the consultations will “signify the enduring partnership between the government and the people of Pakistan and ADB.”
Pakistan became a founding member of the ADB in 1966 and since then has received $32 billion in project assistance. “The country has since been working with ADB to strengthen its key infrastructure, social services, and economic growth,” the statement said.