ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif and Bangladesh’s Chief Adviser Dr. Muhammad Yunus on Monday resolved to strengthen trade and cultural relations between the two countries, Sharif’s office said, amid a thaw in ties between the two countries.
The statement came after Sharif’s telephonic conversation with Yunus on Eid Al-Fitr in which they recalled their “productive” meetings in New York and Cairo on the margins of the United Nations General Assembly (UNGA) and D-8 summits last year.
The Pakistan premier expressed his satisfaction at the positive momentum in bilateral relations between the two countries, particularly in trade and travel, according to Sharif’s office.
“The two leaders reaffirmed their shared desire to further strengthen bilateral relations between Pakistan and Bangladesh,” it said in a statement.
“In this regard, the Prime Minister said that Pakistan looked forward to the visit of the Deputy Prime Minister/Foreign Minister to Dhaka in April and said that a trade delegation would also accompany him.”
Pakistan and Bangladesh were once one nation, but they split in 1971 as a result of a bloody civil war, which saw the part previously referred to as East Pakistan seceding to form the independent nation of Bangladesh.
In the years since, Bangladeshi leaders, particularly ex-PM Sheikh Hasina, chose to maintain close ties with India. Ties between Pakistan and Bangladesh have warmed up since Hasina’s ouster as a result of a student-led uprising in August, witnessing a marked improvement.
Pakistani cargo ships have begun to arrive at Bangladesh’s main Chittagong port for the first time since the 1971 war, while Pakistani artists have been performing in Dhaka and Bangladeshi films have been screened at cinemas in Pakistan since December.
During his conversation with Yunus, Sharif also underscored the need to revive institutional mechanisms to reinvigorate the bilateral relationship at all levels.
“Exchange of cultural troupes to promote people-to-people contact was also discussed,” Sharif’s office said. “The Prime Minister invited a Bangladesh cultural troupe, comprising old and new artists, including the legendary Runa Laila, to visit Pakistan.”
Pakistan PM, Bangladesh chief adviser resolve to strengthen trade and cultural ties
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Pakistan PM, Bangladesh chief adviser resolve to strengthen trade and cultural ties
- Pakistan and Bangladesh were once one nation, but split in 1971 as a result of a bloody civil war
- Ties between both nations have warmed up since PM Hasina’s ouster due to an uprising in August
Pakistan, ADB sign $730 loan agreements to boost SOE reforms, energy infrastructure
- Both sign $330 million Power Transmission Strengthening Project and $400 million SOE Transformation Program loan agreements
- Economic Affairs Division official says Transmission Project will secure Pakistan’s energy future by strengthening national grid’s backbone
KARACHI: Pakistan and the Asian Development Bank (ADB) on Thursday signed two loan agreements totaling $730 million to boost reforms in state-owned enterprises (SOEs) and energy infrastructure in the country, the bank said.
The first of the two agreements pertains to the SOE Transformation Program worth $400 million while the second loan, worth $330 million, is for a Power Transmission Strengthening Project, the lender said.
The agreements were signed by ADB Country Director for Pakistan Emma Fan and Pakistan’s Secretary of Economic Affairs Division Humair Karim.
“The agreements demonstrate ADB’s enduring commitment to supporting sustainable and inclusive economic growth in Pakistan,” the ADB said.
Pakistan’s SOEs have incurred losses worth billions of dollars over the years due to financial mismanagement and corruption. These entities, including the country’s national airline Pakistan International Airlines, which was sold to a private group this week, have relied on subsequent government bailouts over the years to operate.
The ADB approved the $400 million loan for SOE reforms on Dec. 12. It said the program seeks to improve governance and optimize the performance of Pakistan’s commercial SOEs.
Karim highlighted that the Power Transmission Strengthening Project will enable reliable evacuation of 2,300 MW from Pakistan’s upcoming hydropower projects, relieve overloading of existing transmission lines and enhance resilience under contingency conditions, the Press Information Department (PID) said.
“The Secretary emphasized that both initiatives are transformative in nature as the Transmission Project will secure Pakistan’s energy future by strengthening the backbone of the national grid whereas the SOE Program will enhance transparency, efficiency and sustainability of state-owned enterprises nationwide,” the PID said.
The ADB has supported reforms by Pakistan to strengthen its public finance and social protection systems. It has also undertaken programs in the country to help with post-flood reconstruction, improve food security and social and human capital.
To date, ADB says it has committed 764 public sector loans, grants and technical assistance totaling $43.4 billion to Pakistan.
