John Hurley, USA’s Alternative Executive Director to the Asian Development Bank (ADB) has reassured that the bank’s support to Pakistan’s reform agendas would speed up as soon as the ongoing International Monetary Fund (IMF) Review was completed.
Hurley, who is on his first official visit to Pakistan, was welcomed by Federal Minister for Economic Affairs Omar Ayub Khan on Tuesday. The minister expressed his gratitude to the ADB management for efficiently processing and successfully procuring Covid-19 vaccines to support the government’s national vaccination drive.
Highlighting the financial and budgetary importance of the two ADB funded programme loans intended to target reform initiatives within the energy and capital markets sectors, Khan said the government planned to move away 70 percent of energy production from fossil fuels to hydel-based and renewable sources by 2030.
Hurley appreciated the government’s national vaccination drive, and informed the minister that the APVAX facility remains available if the government chooses to opt for additional financing of Covid-19 vaccines in the near future.
He also emphasised the importance of pipeline ADB Funded Program Loans, such as the Domestic Resource Mobilization Program to increase the tax base, and enhance the overall revenue collection targets of the country for future debt sustainability and growth.
The minister said that given the rapid pace of urbanisation and population growth, urban services sector was a priority area of the present government.
He also pointed out the importance of developing farm to market roads ie communication linkages and ensuring power supply to remote areas for increasing market accessibility and enhancing the economic rate of return.