High-Level Ministerial Meeting on the Flood Emergency in Pakistan

Statement by Haruhiko Kuroda, ADB President, New York, USA

Secretary General; Foreign Minister Qureshi; Distinguished Delegates.

ADB joins everyone here today in extending its deepest sympathy to the people of Pakistan and thanks the UN agencies and development partners for the sterling work on the crucial relief operations. ADB is currently working shoulder-to-shoulder with the government, the World Bank, and other development partners on a damage and needs assessment. This work sets the scene for essential, well-planned continuation of recovery, and longer-term reconstruction.

Full recovery and reconstruction will not be easy but it must and will be done. The job requires money and this money will work well if we have strong government and development partner coordination. ADB has already set aside $2 billion towards reconstruction in Pakistan. This money will be used to rebuild schools, medical facilities, roads, bridges, irrigation facilities, and power lines. As most of you know, we are setting up a trust fund for development partners who wish to join us in this work. It is meant for development partners who wish to go beyond relief operations, and who perhaps lack a suitable platform from which to do so. The fund, and our own $2 billion support program, will be underpinned with special fiduciary oversight and project implementation arrangements. In addition, we are also expanding our trade finance facility in the country to help with basic and urgent imports such as food and medicine. This could support around $1.5 billion to $2 billion of trade finance.

However, money alone is not going to be enough. Reconstruction also requires close attention to economic management including effective and efficient allocation, use, and accountability of resources. Pakistan has been working hard on key reforms, so far with notable success. We urge the authorities to continue this important work to protect the flood victims and the rest of the population. These reforms are critical to support the recovery, investment and jobs.

The Asian Development Bank is committed to and has confidence in Pakistan and its people. We will work closely with the Government, civil society, and every development partner on this. I know that together, we will get this job done.

Thank you.