The minister also appreciated the proposal for its establishment as it is likely to contribute to the development of infrastructure needs of the region.The minister appreciated the Chinese contribution to the economic development of Pakistan and conveyed the best wishes from the prime minister of Pakistan to the Chinese leadership.
Appreciating the Chinese support for building the economic corridor from Kashgar to Gwadar, 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.
Ishaq Dar assured full support for the initiative of establishing the economic corridor as it will not only reduce the transportation costs, but also result in the development of local regional economies through increased connectivity through enhanced levels of movement of people and goods.
In a meeting with a US delegation led by Marisa Lago, Assistant Secretary International Markets and Development, on the occasion of 47th annual meeting of Board of Governors of Asian Development Bank, Finance Minister Mohammad Ishaq Dar on Monday said that Pakistan was expecting the World Bank to consider Dassu Hydro Project and would appreciate the US support in this regard.
Dar said Pakistan was goingahead with Diamer Bhasha Dam Project which would serve the dual purpose of generating electricity and acting as a water reservoir for both agriculture and flood controls.
The finance minister briefed the US delegation about the structural reforms and stabilization measures undertaken by the present government since its coming into power in June 2013.He informed the delegation that through prudent macroeconomic management austerity measures resorting to external sources of funding and retiring domestic debt obligations the government had been successful in putting the economy on the stable growth trajectory.
The minister suggested the Asian Development Bank (ADB) to 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 today, said a statement issued by the Ministry of Finance.The theme of the conference was to suggest a role for ADB in handling the challenges currently faced in the Asia and Pacific economies due to different levels of economic development.
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