| GEO Pakistan|
| ADB delegation calls on PM Gilani|
| Updated at: 0343 PST, Friday, August 29, 2008|
ISLAMABAD: A delegation of Asian Development Bank (ADB) led by Juan Miranda, Director General called on Prime Minister Syed Yousuf Raza Gilani here on Thursday to discuss the overall macroeconomic policy environment.
The Prime Minister assured the ADB delegation that Ministry of Finance and State Bank of Pakistan are working closely to implement a comprehensive macroeconomic stabilization program and all difficult but most warranted measures are being taken.
He assured the team that measures are being taken to build up reserves, SBP policy rate adjustment has been substantive and issues of competitiveness are being addressed through the exchange rate stance.
Alongside, the new Government has taken appropriate measures to reduce the subsidy by allowing pass through which had been substantially delayed by the previous regime. Expenditure controls and rationalization is further underway, he added.
The ADB team assured the Prime Minister that they are working steadfastly to support the diverse and financing requirements of the Government.
Notable was discussion on the ADB’s quick disbursing assistance where the Government was assured on fast tracking of the two phased quick disbursing program called “Accelerating Economic Transformation” which aims to support the Government’s economic transformation program which includes among others far reaching long term financial sector transformation.
The State Bank of Pakistan has worked closely on this program and the legislative and regulatory reforms are to be placed before the Cabinet for their endorsement.
The ADB delegation assured the Prime Minister that ADB is committed to providing the required level of quick disbursing financing.