ADB may double support for Pakistan
By Asad Cheema

ISLAMABAD—Vice President Asian Development Bank (ADB), Xiaoyu Zhao said here on Thursday that the bank may double its lending portfolio to Pakistan after finalization of general capital increases (GCI) with member states.
Briefing the media persons after meeting with senior government officials, here, he said that ADB has very active portfolio in Pakistan adding that the bank was looking forward for enhancing cooperation in various fields. The ADB is discussing its general capital increase (GCI) with member governments to obtain the financial capacity to pursue its vision of an Asia and Pacific region free of poverty and deliver its long-term strategy to 2020.
Minister of State for Economic Affairs, Hina Rabbani Khar, Secretary EAD, Farrukh Qayyum and Director General Central West Asia Department, Juan Miranda, Deputy Director General, SEAN O Sullivan and Advisor, Nianshan Zhang were also present on the occasion.
The ADB Vice President said that the bank would also provide support of another $500 million to Pakistan by the end of this financial year. He said that ADB was ready would also enhance its funding to accelerate the establishment of guarantee for bonds by commercial banks to facilitate smooth trade and money flows.
In his first-ever visit after assuming the charges as Vice Presided ADB, Xiaoyu Zhao said that Pakistan's macroeconomic indicators were moving on right direction and expressed satisfaction over Pakistan's economic policies. The ADB Vice President said that the bank would continue support Pakistan in various sectors for its development saying that the bank's current portfolio in Pakistan stands at US $ 1.5 billion.
He said that ADB has identified many other areas for support adding that building of mega water resources would also be considered saying that consultations regarding this were already continuing with the government. Speaking on the occasion, State Minister for Economic Affairs said that country's economy was moving on right track as the indicators were pointing towards economic stability.
Lauding ADB's assistance for Pakistan, she said that ADB was friendly and helped Pakistan at the time of the need. She said that the ADB has endorsed the nine point Poverty Reduction Strategy agenda of the government. She said that although the some economic targets fall short of target, however, she said that country was on way to economic stabilization adding that this was the year of stabilization to achieve what the country is yet to achieve.