Country Director Asian Development Bank calls on Finance Minister
Islamabad, January 11, 2015 (PPI-OT): Country Director Asian Development Bank Mr. Werner E. Liepach called on the Federal Minister for Finance Senator Mohammad Ishaq Dar here.
Mr. Liepach informed the Minister that as compared to the past years, the co-operation between Asian Development Bank and Pakistan had been much more extensive with the present Government which is keen to start work on key development projects.
The year 2014 saw the record disbursement of $900 million for different development projects including budgetary support whereas it was around $300 million in the past years. The Minister while appreciating the ADB’s contribution, impressed upon Mr. Werner to enhance the budgetary support.
ADB country director also discussed the strategy of ADB for Pakistan in the next year which will be approved in the annual meeting to be held in May in Baku. Mr. Liepach said that as per our commitment for facilitating infrastructure development and energy related projects we shall be supporting projects like M4, E35 and regional development projects like CAREC and TAPI.
Our endeavour shall be to leverage more finances from DFID in the form of grants so that the loans extended for these projects should be replaced and recycled for other projects.
The Finance Minister told Mr. Liepach that for the purpose of arranging finances for infrastructure development projects we have already created an SPV. IPDF shall soon actively start its work. The Minister further said with 15% growth in the workers’ remittances we shall be better able to manage our balance of Payment and divert more finances to development of the country.
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