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Statement by the President of the Asian Development Bank following a Meeting with the Minister of Finance in Islamabad, Pakistan

ISLAMABAD, PAKISTAN (5 November 2001) - The President of the Asian Development Bank, Tadao Chino, met with the Pakistan Minister of Finance, Shaukat Aziz, and other senior ministers today. Following his meetings, Mr. Chino made this statement at the Ministry of Finance:

"This morning I had the opportunity to exchange views with the Honorable Finance Minister and his cabinet colleagues. As we all know, this is a critical time, not only for Pakistan, but for the world.

The recent and ongoing events in the region have greatly worsened the economic situation in Pakistan. In view of the added difficulty, I assured the Government of Pakistan that we will do whatever we can to help. In this connection, we propose to increase our development assistance for this year to around US$950 million. It is a substantial rise from the US$626 million planned before the events of September 11.

In my meetings this morning, I expressed ADB's appreciation of Pakistan's decision to undertake far-reaching economic reforms, and I offered ADB's continued support in this endeavor. I am very pleased to note that the Government has given priority in its reform agenda to poverty reduction, improved governance, and the devolution of power. These are goals shared by ADB in its activities across the Asian and Pacific region. As you know, poverty reduction is our overarching goal.

The Government of Pakistan has already implemented many difficult reform measures, but much remains to be done. Pakistan must stay the course of economic reform and development it has charted for itself. In its efforts to promote economic development and good governance with the ultimate goal of reducing poverty, Pakistan will always find ADB to be a reliable and committed partner.

Pakistan is currently among ADB's largest borrowing member countries.¹ To make the best use of ADB's limited resources, we must take into consideration a borrower's track record when allocating further resources. In this regard, we must ensure that resources devoted to our ongoing assistance program are used efficiently and effectively.

Pakistan faces many development challenges, especially in these difficult times, but I am confident that the Government's reform measures will bear fruits, and bring about a better future for the people of Pakistan.

Tonight, I will be meeting with President Musharraf. This will provide a further opportunity to exchange views on Pakistan's economic situation. I hope to impress upon him that ADB is a long-term development partner of Pakistan and apprise him of our assistance plans over the next few years.

Thank you."

1. The top four borrowers are India, People's Republic of China, Indonesia and Pakistan.

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