Vice President of Asian Development Bank Shixin Chen has said that ADB Programs focus on SMEs, women entrepreneurs and eradication of poverty. ADB is also supporting the incubation centers and is also focusing on public private partnership. He was speaking at the Lahore Chamber of Commerce & Industry. LCCI President Mian Nauman Kabir shed light on the ongoing economic scenario while Senior Vice President Mian Rehman Aziz Chan and Vice President Haris Ateeq also spoke on the occasion.
Shixin Chen said that the ADB support is different from IMF. The support of IMF is only available when there is a balance of payment crisis. On the other hand, the support of ADB is on long term basis and particularly in the areas like infrastructure, power generation. He said that ADB and Pakistan have a longstanding development partnership and the Bank would continue to support Pakistan for the growth of economy. LCCI President Mian Nauman Kabir said that Asian Development Bank should extend cooperation for the establishment of an industrial estate for women entrepreneurs and SMEs. He said that the efforts of ADB have provided a 300 million dollars policy-based loan to strengthen Pakistan’s finance sector. He hoped that another 300 million dollars policy-based loan committed by ADB to help promote macroeconomic stability by improving trade competitiveness and diversifying exports would certainly make the difference.
The LCCI President said that significant role of ADB has provided rapid support to Pakistan to deal with coronavirus disease in a better way. It was the result of 500 million dollars loan under the bank’s COVID-19 Active Response and Expenditure Support Program that Pakistan was able to deliver social protection programs in an exemplary way.
He said that although the situation caused by the third wave of pandemic is well under control but uncertainty continues to pose economic challenge to Pakistan. Mian Nauman Kabir said that Pakistan needs to ensure macroeconomic stability, fiscal consolidation and consistent improvement in the business environment. He said that Pakistan desperately need to promote high value-added exports, expand social spending, reinforce energy sector and implement structural changes to remain economically sustainable and gradually improving the rate of GDP growth.
“We attach great hopes with the Government of Pakistan’s development vision for improving economic management, building resilience, boosting competitiveness and private sector development because of the fact ADB has signed new country partnership strategy for the period of 2021–2025”, he added.
He said that under this strategy ADB will provide support for structural reforms and project assistance in key sectors, including energy, transport, irrigation, agriculture, urban infrastructure and services, small and medium-sized enterprises, and social development.
Mian Nauman Kabir informed the ADB delegation that Lahore Chamber of Commerce is the premier business support organization of Pakistan with a membership base that has surpassed 30,000. Our members represent diverse sectors of economy, which makes LCCI an important stakeholder in the economic growth of Pakistan. Even in these challenging economic times when our country is facing steep challenges like devaluation, inflation, stagnation in exports, high debt and fiscal deficit etc., LCCI is still playing its role of policy advocacy at almost all the high level forums. LCCI also represents the private sector in various boards and committees of Public sector organizations and enterprises. He said it has been learnt that the Government of Pakistan has already signed commitment of 2.05 billion dollars with the ADB for the current fiscal year. Another $400 million is expected during March-June 2022. The LCCI President appreciated the role being played by Asian Development Bank in the rural development of Punjab and hope that ADB’s engagement in Punjab will continue on an expanded scale.
