Dar also suggested the ADB to revise the absolute poverty line from $1.25 per day to $2 per day. PHOTO: FILE
Minister for Finance Ishaq Dar suggested that the Asian Development Bank (ADB) should adopt innovative approaches for addressing the newly-arising challenges through reviewing ADB’s processes, rewarding innovative approaches and by adopting result-based lending modalities.
The minister represented Pakistan during the Governor Round Table Conference, in the 47th annual meeting of the ADB Board of Governors at Astana on Monday, said a statement issued by the Ministry of Finance.
The theme of the conference was to suggest a role for the ADB in handling the challenges currently being faced in Asia and Pacific economies due to different levels of economic development. The conference realised that due to different levels of growth taking place in Asia and the Pacific region, challenges could arise in the form of increasing social tensions, risk of economies getting caught in the `middle-income trap’ response requirements due to global warming and climate change, poor governance and weak institutional capacities and debt overhangs.
The finance minister suggested action to be taken at three levels including national, regional and global to counter these challenges.
At the national level, he urged the participants to prioritise inclusive growth through emphasis on human development, technological innovations, increasing efficiencies and bringing improvements in governance and institutions.
At regional and global levels, he said that the international community should work towards collective efforts for enhanced regional cooperation and integration by aiming for long term development through collective efforts for global peace and stability.
Dar also suggested the ADB to revise the absolute poverty line from $1.25 per day to $2 per day in conformity with the latest figures suggested by the International Monetary Fund (IMF).
Meeting with Chinese counter parts
Dar assured full support to the Chinese Government for the establishment of the Asia Infrastructure Bank. A statement issued by the Ministry of Finance informed that Dar held a bilateral meeting with Chinese Finance Minister Lou Jiwei during the 47th Annual Meeting of the Board of Governors at Astana.
The minister also appreciated the proposal for its establishment as it is likely to contribute to the development of infrastructure needs of the region.
Both sides agreed to work on an integrated plan for overcoming the difficulties likely to be encountered in the planning and implementation of the economic corridor from Kashgar to Gwadar. Dar assured full support for the economic corridor as it will not only reduce the transportation cost but would also result in the development of local regional economies through increased connectivity.
The Chinese finance minister appreciated Pakistan’s plans for the development projects.
Published in The Express Tribune, May 6th, 2014.
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