MANILA: Asian Development Bank (ADB) has expressed willingness for financing projects relating to upgradation and strengthening of transmission lines and distribution system in Pakistan next year.
Country Director, ADB Werner Liepach met Finance Minister, Senator Mohammad Ishaq Dar hereon Saturday and discussed ADB financed projects in Pakistan.
Finance Minister welcomed ADB’s expression of interest for financing the power transmission and distribution system which he said would further add to Pak-ADB economic cooperation. He also shared with Mr. Liepach details of progress achieved on Energy DPC-2 and said that most of the prior actions in this regard had been completed by Pakistan.
The ADB Country Director and the Finance Minister also held initial discussion regarding the establishment of Pakistan Disaster Management Fund which would be steered by ADB.
Mr. Liepach said ADB would help arrange finances for the Fund from donors and development partners. Both sides agreed that in view of recurring natural calamities like floods, it was becoming increasingly important to have such an arrangement to deal with emergent situations.
They also agreed to explore possibility of having a standby credit line to deal with such situations.
The Finance Minister on this occasion also shared with Mr. Weerner Liepach the outcome of the IMF talks held at Dubai.
The ADB Country Director felicitated the Finance Minister on successful conclusion of the 8th IMF review which would lead to release of next tranche of over 500 million dollars.
Both sides reaffirmed the resolve for continued Pak-ADB cooperation for economic development in Pakistan.
Additional Secretary, Tariq Mahmood Pasha, and Joint Secretary Awais Manzur also attended the meeting.
