Islamabad: The Asian Development Bank’s mission led by Mr. Juan Miranda Director General Central West Asian Development which is currently visiting Pakistan has called on the Federal Minister for Finance and Economic Affairs Dr. Abdul Hafeez Shaikh here today. During the meeting the mission has supported Pakistan for the construction of Deamir Bhasha Dam and agreed to take onward steps in this regard.
The Dam will have the capacity to reserve the water storage of 8.1 million acre feet and will generate 4500 MW electricity. It may be added that USAID has already indicated to co-finance this project. This project will facilitate not only in changing the energy mix in the country but will also help in storing water. The Mission has agreed in principle to finance the Tubewells Refurbishment project that will help in saving 1147 MW of electricity in the country.
ADB has also agreed to disburse $ 200 million for Second Generation Capital Reform before close of the financial year as soon as necessary formalities are completed.
The Mission also discussed ways and means to accelerate the process of project implementation and expressed their satisfaction with their dialogue with Pakistani authorities.
The mission had very constructive discussions on macroeconomic policies, current portfolio funded by the Asian Development Bank and proposed projects in pipeline with the Finance Minister and Pakistani authorities. During course of these meetings, Finance Minister Dr. Shaikh briefed the Mission about revenue as well as budgetary measures that have already been implemented, strong resolve of the Government to continue pursuing prudent policies, expenditure rationalization and fiscal adjustment, fiscal sustainability and protecting the external position. He also updated the Mission on efforts of the Government to broaden the tax base including steps to increase revenues. The Finance Minister also thanked the ADB for being supportive during flood reconstruction. ADB has been one of the major development partners in development of the country’s infrastructure.
The Mission during their meetings was intensely engaged to explore the ways and means to extend support to Pakistan in enhancing Pakistan’s medium-term growth prospects. The Mission reassured that the ADB remains committed to Pakistan in supporting water, energy, urban services and communication sectors in Pakistan.
This meeting with the Finance Minister of ADB DG is in continuation of the dialogue in Honai during the Ministers visit there. Among other who attended this meeting was Federal Minister for Water and Power, MOS Finance and other senior officials of the government of Pakistan.
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