By NNN-APP,
Islamabad : Director General of Central and West Asia Department of Asian Development Bank (ADB), Juan Miranda said here on Saturday that Pakistani government was taking practical measures to deal with the current economic situation.
In a statement issued after meeting with Prime Minister Yusuf Raza Gilani, Finance Minister Naveed Qamar and State Bank Governor Shamshad Akhtar, Juan Miranda said that ADB stands ready to support Pakistan governments efforts to deal with economic situation.
Noting the damage caused by unprecedented international fuel and food prices, Juan Miranda said “The Government has defined and is executing a credible action plan to deal with these external factors.
“It has taken actions to contain spending, it has raised interest rates, put in place measures to manage and shore up foreign reserves, and drastically cut down on borrowing from the central bank, Miranda said adding that “Pakistan has also put together one of the region’s largest social safety net programs, necessary to cushion the poorest against these external shocks.”
In Pakistan, ADB supports the development of infrastructure, public utilities and economic reforms.
“As a major development partner, we will continue to work closely with the authorities to bring about economic transformation, prosperity and growth. We have full confidence in the government’s ability to deal with current economic challenges. It will succeed.” Juan Miranda added.