ISLAMABAD-The Asian Development Bank (ADB) has endorsed a new 5-year country partnership strategy (CPS) to help restore economic stability and growth in Pakistan, enhance people\u2019s well-being, create jobs, and expand economic opportunities as the country works to overcome the coronavirus\u00a0disease\u00a0(COVID-19) pandemic.<\/p>\n\n\n\n
The pandemic has interrupted the macroeconomic recovery in Pakistan, resulting in a sharp contraction in growth, a rise in public expenditures, and a loosening of monetary policy to mitigate the health and economic impacts. <\/p>\n\n\n\n
\u201cAs with many countries in the region, COVID-19 has affected Pakistan, revealing the extent to which the population is exposed to economic and social vulnerabilities,\u201d said ADB Director General for Central and West Asia Eugene Zhukov. \u201cThe new CPS 2021\u20132025 will build greater resilience of the population and help tackle Pakistan\u2019s persistent structural challenges.\u201d<\/p>\n\n\n\n
ADB\u2019s assistance over the next 5 years prioritizes support for three interlinked pillars: improving economic management, building resilience through human capital development and social protection, and boosting competitiveness and private sector development.<\/p>\n\n\n\n
ADB will support macroeconomic stabilization in Pakistan and maintain support for reforms to improve the country\u2019s trade prospects and external positions. ADB will continue to help improve the energy sector through reforms and sovereign and nonsovereign investments. It will continue deepening and diversifying Pakistan\u2019s financial markets to promote investment, growth, and private sector development.<\/p>\n\n\n\n
Under the CPS, ADB will expand investments and help accelerate reforms in secondary education and technical and vocational education and training. ADB will address the challenge of out-of-school children and target children from poor and vulnerable households. ADB has helped expand cash transfers to the poor and will bolster evidence-based policy formulation through a newly established policy research unit. ADB aims to improve health care and will continue to help manage public health issues, including the COVID-19 pandemic.\u00a0<\/p>\n\n\n\n
To boost competitiveness and private sector development, ADB will focus on building livable cities, promoting renewable energy and energy efficiency, and investing in rural infrastructure. ADB will seek to strengthen agricultural value chains, improve connectivity, and increase access to finance.<\/p>\n\n\n\n
\u201cThe government has expressed its strong commitment to the ongoing International Monetary Fund Extended Fund Facility program,\u201d said ADB Country Director for Pakistan Xiaohong Yang. \u201cThe CPS places a strong focus on combining reforms with physical and social investments to improve sustainability and generate lasting development impact.\u201d<\/p>\n\n\n\n
ADB will play a pivotal role in supporting Pakistan to attract private sector investment in renewable energy, small and medium-sized enterprises, trade, and supply chain finance. Through its recently issued local currency Karakoram bonds, ADB expects to expand opportunities for financing priority sector projects in which the bank was not previously present, including agribusiness and social sectors. In addition, ADB will explore more public\u2013private partnership opportunities for Pakistan.<\/p>\n\n\n\n
Women in Pakistan are less economically active and underrepresented in skilled jobs. ADB will continue to promote women\u2019s economic empowerment and enhance women\u2019s resilience to external shocks. The bank aims to increase women\u2019s access to financial services, raise women\u2019s skills and education levels, and bolster social protection under the Ehsaas Kafalat program. ADB will continue to boost Pakistan\u2019s resilience to climate change and strengthen adaptation and disaster risk management.<\/p>\n\n\n\n
Under the Central Asia Regional Economic Cooperation Program, ADB will continue to promote regional connectivity and trade with Pakistan\u2019s neighbors by developing economic corridors and improving border crossings. This will facilitate cross-border trade and supply-chain efficiency by simplifying customs procedures and setting up a Pakistan single window. ADB\u2019s CPS 2021\u20132025 is aligned with Pakistan\u2019s development vision, ADB\u2019s Strategy 2030, and the Sustainable Development Goals.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD-The Asian Development Bank (ADB) has endorsed a new 5-year country partnership strategy (CPS) to help restore economic stability and growth in Pakistan, enhance people\u2019s well-being, create jobs, and expand economic opportunities as the country works to overcome the coronavirus\u00a0disease\u00a0(COVID-19) pandemic. The pandemic has interrupted […]<\/p>\n
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