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Finance minister urges for regional cooperation at Asian Development Bank Board meeting - Press Note issued by Press Information Department

May 7, 2014



Following is the text of press note issued by Press Information Department (PID)

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The Finance Minister Senator Ishaq Dar represented Pakistan during the Governor Round Table Conference, in the 47thannual meeting of the ADB Board of Governors at Astana today. 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.

The conference realized that due to different levels of growth taking place in Asia and Pacific region, challenges could arise in the form of increasing social tensions, risk of economies getting caught in the 'middle income trap' response requirements due to global warming and climate change, poor governance and weak institutional capacities and debt overhangs.

The Finance Minister suggested actions to be taken at three levels namely national, regional and global to counter these challenges. At national level, the Minister urged the participants to prioritize inclusive growth through emphasis on human development, technological innovations, increasing efficiencies and bringing improvements in governance and institutions. At regional and global levels the Minister requested the international community to work towards collective efforts for enhanced regional cooperation and integration by aiming for long term development through collective efforts for global peace and stability.

He suggested 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 also suggested ADB to revise the absolute poverty line from USD 1.25 per day to USD 2 per day in conformity with the latest suggested by the International Monetary Fund. Finance Minister stated that 2.4 billion people (40 percent of world population) is currently living below the poverty line. The meeting was attended by all the Finance Ministers of the ADB Member Countries. Foreign Minister was one of the main speakers in the Governor Round Table Conference.

For more information, contact:

Haji Ahmed Malik

Principal Information Officer

Press Information Department (PID)

Tel: +9251 925 2323 and +9251 925 2324

Fax: +9251 925 2325 and +9251 925 2326

Email: piopid@gmail.com

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Source: Pakistan Press International