Pakistan will soon reach higher economic growth: ADB

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Vice President of Asian Development Bank (ADB), Wencai Zhang said Pakistan can achieve good economic status in coming years if we observe the pace of ongoing work for economic growth.

“I am truly impressed by the efforts of Pakistan government to stabilize the macroeconomic indicators showed encouraging performance in the country during recent years. The country needs 7 % achievable economic growth rate “, the ADB Vice President told media on a three-day visit to Pakistan.

Mr. Zhang said that important factor for economic growth is political stability. We want a stable political and economic situation in Pakistan. ADB was confident that Pakistan with great potential will soon reach high economic growth.

Mr. Zhang said that he met with Chief Minister Punjab Shahbaz Sharif, Finance Minister Ishaq Dar, Minister for Planning, Ahsan Iqbal and Minister for Water and Power, Khawaja Asif and discussed with them the current progress of ADB’s funded projects during his visit.

“To ensure economic growth so far we are involved in building infrastructure and energy sectors and investing in social sectors like health and education sectors, water resource management and capacity building in various sectors “, he added.

The Vice President said the ADB has supported regional economic forums and corridor including CPEC that is extremely important in Pakistan’s economy.

“Above and beyond supporting infrastructure, energy, and transport sectors, we are committed to supporting policy and all kind of reforms including corporate reforms and capacity building at government and federal level”, he remarked.

Regional connectivity via railway was the idea of the Bank but Pakistan is more interested in CPEC funding and collaboration with China and other neighboring countries through railway lines”.

Small railway projects will be funded y ADB including construction and subsidiary for the main railway line. Other projects the ADB was supporting renewable energy projects such as solar, wind and small and medium hydropower projects.

Mr. Zhang answered a question and said that funding for the project is merely readiness dependent from $1 to 1.7 billion and can be raised to $2 billion in next few years.

ADB’s Country Director for Pakistan Xiaohong Yang and former country director Werner Liepach graced the occasion.


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Published in: Volume 08 Issue 29

Short Link: http://www.technologytimes.pk/?p=17434