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More ADB Funds to Help Stabilize Pakistan Economy

PAKISTAN PRIORITIES ADB President Tadao Chino (right) meets with Pakistan’s President General Pervez Musharraf to discuss the country’s economic situation; ADB provided $950 million in 2001 in development assistance.

ISLAMABAD, PAKISTAN — ADB President Tadao Chino announced on 5 November 2001 that ADB proposed to increase its development assistance to Pakistan to around $950 million in 2001, up from $626 million before the events of September 11.

Some of this assistance will be channeled through ADB’s fast-disbursing program loan 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 is 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’s President General 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. He 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 founding member of ADB, which was established in 1966. Over the years, ADB has provided more than $10 billion in assistance to the country. In 2000, ADB was the largest source of development funds for Pakistan.

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