A 5-year country partnership strategy (CPS) has been sanctioned by The Asian Development Bank (ADB) to recover and rebuild the economic stability of Pakistan. Pakistan’s growth was stunted in the beginning of 2020 when Covid-19 was discovered and the pandemic took the world by storm. Several industries closed down resulting in people losing their jobs. Profits were compromised as the panic resulted in high prices. In all, the balance was toppled over. The aim of CPS is to put everything back into place by creating jobs and expanding economic opportunities, as stated in an ADB press statement.
“As with many countries in the region, COVID-19 has affected Pakistan, revealing the extent to which the population is exposed to economic and social vulnerabilities. The new CPS 2021–2025 will build greater resilience of the population and help tackle Pakistan’s persistent structural challenges,” said ADB Director General for Central and West Asia Eugene Zhukov.
The focus and priority of ADB will be on the three interlinked factors that will help the country grow. Economic management, improving the country’s human capital development and bringing positive competition in the development of private sector which will be done through building livable cities, promoting renewable energy and energy efficiency, and investing in rural infrastructure.
“The government has expressed its strong commitment to the ongoing International Monetary Fund Extended Fund Facility program,” said ADB Country Director for Pakistan Xiaohong Yang.
“The CPS places a strong focus on combining reforms with physical and social investments to improve sustainability and generate lasting development impact,” Yang added.
Under the Central Asia Regional Economic Cooperation Program, ADB would continue to promote regional connectivity and trade with Pakistan’s neighbors by developing economic corridors and improving border crossings.
