Finance Minister Ishaq Dar on Thursday hailed Asian Development Bank (ADB) for playing a key role in boosting economic growth in the continent.
Hailing the ADB for bringing about the ‘Asian Miracle’, Dar said, “The next millennium is the Asian millennium.” The finance minister was addressing a panel during ADB’s 50th annual meeting in Yokohama, Japan.
“There is huge potential for growth in Asia,” Dar added.
“ADB needs to play a political role in identifying issues which are not universal but country specific. So, I think there is a greater need of ADB engagement in policy, reform and structure level and on guiding the members,” Dar said while speaking at the panel discussion.
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The finance minister further said Asia is more connected with other parts of the world but it lacks intra-regional nexus. “Regional cooperation and coordination with ADB’s support is the aim for Asian countries,” Dar said.
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Lauding the efforts made by ADB in regional development, the minister said the bank is not fixated to a certain stance but it keeps adapting according to the changing environment which is conducive to progress.
The finance minister said during the three-day conference he will engage in bilateral and multi-lateral meetings with the prospective donors.
The ADB has committed to provide us $1.2b for the National Disaster Risk Management programme of the government, Dar said. Around $200m has already been released by the bank, he added.
ADB was conceived in the early 1960s as a financial institution that would help Asian countries in economic growth and cooperation.
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