Asian Bank likely to offer help in flood-hit areas

Asian Development Bank (ADB) Country Director Werner Leipach called on Federal Minister for Finance and Economic Affairs Senator Ishaq Dar on Saturday to discuss details of the upcoming visit of ADB President Takehiko Nakao to Pakistan.
Senator Dar welcomed the planned visit of the ADB president and hoped the visit would help in ADB better understanding Pakistan’s development priorities as well as critical issues which the country is currently facing. He thanked Leipach for coordinating the visit of the ADB president.
“It speaks volumes about the nature of our relationship which is intact and is development oriented. We want upcoming visit of Takehiko Nakao to be fruitful through discussion on projects of national importance.” The minister expressed pleasure at ADB’s interest in Islamic mode of financing.
“We shall issue Sukuk soon and hope that it would be as much oversubscribed as the Eurobond,” the minister said. The ADB president is coming to Pakistan on Monday for a three day visit. He would kick off his visit by meeting the finance minister and would also call on President Mamnoon Hussain and Prime Minister Nawaz Sharif.
The meeting will highlight the issue of macro-economic situation in Pakistan and ADB’s assistance in solving the critical issues facing the economy. Leipach also extended condolences on behalf of the ADB president on the loss of lives and colossal damage caused by the recent floods in Pakistan.
“We have deep felt sympathies for the people of Pakistan and, in order to make our relationship more meaningful, we would like to help the people of Pakistan because we have the experience and expertise in dealing with natural calamities like the typhoon Ulanda in Philippines and can gladly share our experience with Pakistan in the reconstruction work,” he said.
The meeting was attended by senior officials of the Ministry of Finance and Economic Affairs.