ISLAMABAD: Minister for Finance, Muhammad Ishaq Dar on Monday 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.
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 including national, regional and global to counter these challenges.
At national level, he urged the participants to priorities inclusive growth through emphasis on human development, technological innovations, increasing efficiencies and bringing improvements in governance and institutions.
At regional and global levels, he said that 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.
Ishaq Dar also suggested ADB to revise the absolute poverty line from US$ 1.25 per day to US$ 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.