Islamabad: The 47th Annual Meeting of Asian Development Bank (ADB) Board of Governors is being held at Astana, Kazakhstan from 2-5 May 2014. Senator Ishaq Dar, Minister of Finance joined the delegation of Pakistan on 3rd May 2014 after his official visit to UK with the Prime Minister.
Besides reviewing the annual performance of the ADB in the Board of Directors meeting, special sessions have been arranged on reducing the vulnerabilities in the financial systems especially focusing on the Asian economies.
In this regard, Senator Ishaq Dar in his capacity as the Governor of Asian Development Bank participated in these sessions and he elaborated the efforts made by Pakistan in this area.
During the Constituency Breakfast Meeting, the Minister suggested ADB to revise the absolute poverty line from USD 1.25 per day to USD 2 per day in conformity with the latest revision adopted by the International Monetary Fund.
Finance Minister stated that presently 2.4 billion people (40 percent of world population) are living below the poverty line of US$2.
During the Governor’s Plenary Session, the Minister while highlighting the recent natural disasters in Pakistan and the response and future strategy of National Disaster Management Authority of Pakistan, emphasized the need to reduce the exposure to the natural hazards and disasters.
He suggested the development partners such as ADB, World Bank, IMF etc to devise different strategies and action plans for promoting disaster risk reduction programmes and may like to benefit from Pakistan’s experiences.
While attending the First Business Session, Senator Ishaq Dar thanked the people and the Government of Kazakhstan and appreciated the efforts of ADB for successfully organizing the 47th Annual Board of Governors Meeting in Astana.
In his statement during the First Business Session, he outlined the present government’s strategies in overcoming the macro-economic challenges since the inception of the new government in June 2013.
He stated that economy is expected to grow by over 4 percent this year and inflation to remain in single digit spurred by growth in both agricultural and industrial sectors.
The fiscal deficit has been restrained to around 6 percent through an increase in revenues and reduction in expenditures along-with positive growth in exports and remittances.
Necessary domestic reforms are being undertaken along-with government preference for regional integration through increased connectivity and enhanced preferential arrangements.
During his call on the Minister for Finance/ Deputy Prime Minister Mr. Bakhyt Sultanov, he extended the invitation to President Nursultan Nazarbayev as well as to Finance Minister to visit Pakistan in 2014.
He emphasized the need to examine the existing frameworks for increasing the present level of bilateral trade which is far below the potential of two countries.
He requested the Minister to consider measures for easing the movement of people along-with enhanced cooperation in the areas of trade, investment banking and finance.