Pakistan, ADB Sign Agreement Worth $300 M For Trade Competitiveness

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Pakistan, ADB sign agreement worth $300 m for trade competitiveness

The government of Pakistan and Asian Development Bank (ADB) Friday signed an agreement amounting $300 million for trade competitiveness

ISLAMABAD, (UrduPoint / Pakistan Point News - 28th Nov, 2020 ):The government of Pakistan and Asian Development Bank (ADB) Friday signed an agreement amounting $300 million for trade competitiveness.

Minister for Economic Affairs Makhdum Khusro Bakhtyar witnessed the signing of policy-based loan agreement of Trade and Competitiveness Programme (Subprogram-2) between the government of Pakistan and ADB, said a press release issued by Ministry of Economic Affairs here.

The loan agreement was signed by the Economic Affairs Division Secretary Noor Ahmed and ADB Country Director Xiaohong Yang.

The ADB approved the Trade and Competitiveness Programme today on November 27, 2020.

This programme will help improve the exports by enhancing trade competitiveness and diversification.

Under Trade and Competitiveness Programme, the government is introducing important tariff and tax policy reforms to help improve Pakistan's international competitiveness and further strengthen key institutions, including accreditation bodies, the Export�Import Bank of Pakistan, and National Single Window.

This programme will also help Pakistan to further improve its current account balance in a sustained manner and strengthen foreign exchange reserves.

Minister for Economic Affairs Makhdum Khusro Bakhtyar said the government's key economic reforms and policies helped stabilizing external account despite the unprecedented challenges caused by the COVID-19 pandemic.

Pakistan's external account stability is underpinned by highest ever remittances, improved balance of trade and official inflows.

He further highlighted the commitment of his government towards achieving macroeconomic stability and growth through improved fiscal management and trade facilitation, better governance and strengthened regulatory framework.

Country Director Xiaohong Yang said the ADB is a long standing development partner of Pakistan. The ADB fully supports the government's development vision and policies.

The ADB is providing its support for policy reforms and project financing in the key priority areas such as financial management, energy, road, social sector, water and irrigation and urban services.

During the board of directors' meeting, the ADB management acknowledged that the government's ongoing efforts to ensure stability have started showing encouraging results despite the COVID-19 challenge.

The government of Pakistan ongoing efforts to ensure stability has started showing encouraging results despite the COVID-19 challenge.