FalconsForPeace
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Finance Minister Ishaq Dar on Tuesday asked the Asian Development Bank to assist Pakistan in the construction of Diamer-Bhasha Dam to help the country resolve its energy crisis which, he said, is the priority of the incumbent regime.
This he urged during a meeting with Asian Development Bank President Takehiko Nakao. Ishaq Dar said the World Bank was going to hold a Business Opportunity Conference in Washington on 8th of next month “and we would discuss Diamer-Bhasha Dam Project in the conference”. “Pakistan also wants to proceed with the projects of TAPI and CASA 1000 for fulfilling the energy needs of the country in near future,” Ishaq Dar said, adding, “Pakistan has a vast potential, it could turn itself into a success story in Asia.”
Asian Development Bank (ADB) President Takehiko Nakao said, “We also support TAPI which is an important project for Pakistan.” He said Diamer-Bhasha is also an important project for managing water resources in Pakistan “and we would help to the extent possible”. “As far as the rehabilitation of IDPs is concerned we would gladly extend our expertise for the reconstruction work,” the ADB president remarked. Nakao said that though the bank could lend only $1 billion to any country for the development projects, yet they would continue supporting Pakistan in projects like renewable energy, Jamshoro and projects of regional connectivity.
“We would like Pakistan to mobilise its domestic resources for development,” he stressed while adding that Pakistan has a vast potential. Briefing the ADB president on the economic condition of the country, the finance minister said, “We have been following a pro-development macro-economic agenda and improvements can be seen in revenue collection (16.44%), decrease in budget deficit (5.7%), growth in foreign remittances (13.7%), growth in large scale manufacturing (4.2%) and the increase in the disbursement of agricultural credit (15.91%). Our government has also increased the spending on the social safety net; the allocation has increased from a mere Rs 40 billion to Rs 118 billion in the last fourteen months of our tenure. We ensured that no cuts were made in the Public Sector Development program allocations.”
The minister said that Pakistan could have added $2.4 billion to its foreign exchange reserves “but recent political situation had delayed three of our important transactions; issue of Sukuk, divestment of OGDCL shares and IMF next release, but we would solve the issue amicably as we had already constituted a committee on electoral reforms”. Dar said that “we would need the support of the ADB on Diamer-Bhasha Dam because solving the energy crisis is the priority of our government. World Bank is going to hold a Business Opportunity Conference in Washington on October 8 and we are going to discuss Diamer-Bhasha Dam Project in the conference because it has vital importance for generating energy as well as water conservation. We also want to proceed with the projects of TAPI and CASA 1000 for fulfilling the energy needs of the country in near future.”
National Disaster Management Authority (NDMA) Chairman Major General M Saeed Aleem gave a brief presentation to the ADB president on the recent flood damages in Punjab, Azad Jammu and Kashmir and Gilgit-Baltistan. The meeting was attended by State Bank of Pakistan governor, petroleum and natural resources secretary, national food security and research secretary, finance secretary, water and power secretary, planning secretary, communication secretary, Economic Affairs Division secretary, WAPDA chairman, Federal Board of Revenue chairman, National Highway Authority chairman. From the Asian Development Bank side Naoya Jinda, Chief Adviser to the ADB President Klaus Gerhaeusser, Director General, Central West Asia Department, ADB, Werner Liepach, Country Director, ADB Pakistan Resident Mission, Saad Paracha, Country Programs Officer, ADB Pakistan Resident Mission participated.
The ADB president also met Preisdent Mamnoon Hussain. Talking to Nakao, the president said the support of development partners could assist in achieving the economic uplift of masses. He appreciated the working relationship between Pakistan and ADB spanning over decades and support of the bank for development of various sectors, including education, health, water resources, energy and communications. Highlighting the commitment of present government, the president stated that the government of Pakistan is determined to improve the living standard of the people of Pakistan by focusing on economic restructuring and revival.
Pakistan pleads ADB to fund Diamer-Bhasha Dam
This he urged during a meeting with Asian Development Bank President Takehiko Nakao. Ishaq Dar said the World Bank was going to hold a Business Opportunity Conference in Washington on 8th of next month “and we would discuss Diamer-Bhasha Dam Project in the conference”. “Pakistan also wants to proceed with the projects of TAPI and CASA 1000 for fulfilling the energy needs of the country in near future,” Ishaq Dar said, adding, “Pakistan has a vast potential, it could turn itself into a success story in Asia.”
Asian Development Bank (ADB) President Takehiko Nakao said, “We also support TAPI which is an important project for Pakistan.” He said Diamer-Bhasha is also an important project for managing water resources in Pakistan “and we would help to the extent possible”. “As far as the rehabilitation of IDPs is concerned we would gladly extend our expertise for the reconstruction work,” the ADB president remarked. Nakao said that though the bank could lend only $1 billion to any country for the development projects, yet they would continue supporting Pakistan in projects like renewable energy, Jamshoro and projects of regional connectivity.
“We would like Pakistan to mobilise its domestic resources for development,” he stressed while adding that Pakistan has a vast potential. Briefing the ADB president on the economic condition of the country, the finance minister said, “We have been following a pro-development macro-economic agenda and improvements can be seen in revenue collection (16.44%), decrease in budget deficit (5.7%), growth in foreign remittances (13.7%), growth in large scale manufacturing (4.2%) and the increase in the disbursement of agricultural credit (15.91%). Our government has also increased the spending on the social safety net; the allocation has increased from a mere Rs 40 billion to Rs 118 billion in the last fourteen months of our tenure. We ensured that no cuts were made in the Public Sector Development program allocations.”
The minister said that Pakistan could have added $2.4 billion to its foreign exchange reserves “but recent political situation had delayed three of our important transactions; issue of Sukuk, divestment of OGDCL shares and IMF next release, but we would solve the issue amicably as we had already constituted a committee on electoral reforms”. Dar said that “we would need the support of the ADB on Diamer-Bhasha Dam because solving the energy crisis is the priority of our government. World Bank is going to hold a Business Opportunity Conference in Washington on October 8 and we are going to discuss Diamer-Bhasha Dam Project in the conference because it has vital importance for generating energy as well as water conservation. We also want to proceed with the projects of TAPI and CASA 1000 for fulfilling the energy needs of the country in near future.”
National Disaster Management Authority (NDMA) Chairman Major General M Saeed Aleem gave a brief presentation to the ADB president on the recent flood damages in Punjab, Azad Jammu and Kashmir and Gilgit-Baltistan. The meeting was attended by State Bank of Pakistan governor, petroleum and natural resources secretary, national food security and research secretary, finance secretary, water and power secretary, planning secretary, communication secretary, Economic Affairs Division secretary, WAPDA chairman, Federal Board of Revenue chairman, National Highway Authority chairman. From the Asian Development Bank side Naoya Jinda, Chief Adviser to the ADB President Klaus Gerhaeusser, Director General, Central West Asia Department, ADB, Werner Liepach, Country Director, ADB Pakistan Resident Mission, Saad Paracha, Country Programs Officer, ADB Pakistan Resident Mission participated.
The ADB president also met Preisdent Mamnoon Hussain. Talking to Nakao, the president said the support of development partners could assist in achieving the economic uplift of masses. He appreciated the working relationship between Pakistan and ADB spanning over decades and support of the bank for development of various sectors, including education, health, water resources, energy and communications. Highlighting the commitment of present government, the president stated that the government of Pakistan is determined to improve the living standard of the people of Pakistan by focusing on economic restructuring and revival.
Pakistan pleads ADB to fund Diamer-Bhasha Dam
