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ADB to Provide Additional Funds to Help Stabilize Pakistan Economy

ISLAMABAD, PAKISTAN (5 November 2001) - The President of the Asian Development Bank, Tadao Chino said today that ADB proposes to increase its development assistance to Pakistan to around US$950 million this year.

Some of this assistance will be channeled through ADB's fast disbursing program loans facility, to help Pakistan stabilize its economy and cope with the impact of current regional events.

"Our central concern during these difficult times is the people of Pakistan, especially the poor and devising assistance programs to protect them," said Mr. Chino. "We will do our best to help the country stabilize its economy and minimize the negative impact on its poor." A third of Pakistan's population are estimated to live on less than $1 a day.

Wrapping up a two-day official visit, Mr. Chino praised Pakistan for its far-reaching economic reform agenda and offered ADB's support in implementing it. At a meeting with Pakistan President Pervez Musharraf, Mr. Chino urged the government to continue the reform process and promote good governance, foster economic development, and reduce poverty.

Mr. Chino also met with Minister of Finance, Shaukat Aziz, Governor of the Central Bank, Dr Ishrat Hussain and other senior officials and was briefed on the social and economic reforms being undertaken by Pakistan

Mr. Chino's visit to Pakistan was the first by the head of a multilateral development bank since the September 11 attacks

Pakistan is a founder member of ADB, which was established in 1966. Over the years, ADB has provided more than US$10 billion in assistance to the country. Last year, ADB was the largest source of development funds for Pakistan.

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