To overcome development problems, the Asian Development Bank (ADB) is planning to lend $10 billion to Pakistan in fresh assistance. The 10 billion dollars is for several projects related to urban development, disaster risk reduction, and policy-based programs. With the rapid increase in urbanization of major cities in Pakistan, the government is willing to increase spending on urban development projects, public transport, disaster management, and health facilities.
ADB has also provided $700 million for the provision of the covid-19 vaccine in Pakistan. The government assured the commitment to provide maximum vaccination for the eligible population.
At present, ADB is also financing an additional 32 development projects worth $6.4 billion. The development areas are energy, infrastructure, urban services, and social protection. The government committed to complete structural reforms in multiple areas of the economy including energy, capital markets, trade competitiveness, domestic resource mobilization, governance, and also appreciated the financial and technical support given by the ADB.
The government suggested new areas for ADBs assistance including support for Public-Private Partnership (PPP), provision of basic amenities, i.e. energy, roads, and urban services. Pakistan and ADB are working on ways to deepen their partnership and ensure the effectiveness of the ongoing portfolio.
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