Islamabad, August 26(ANI): The Asian Development Bank (ADB) has raised concern that despite being available, funds are not being spent properly on developmental projects in Pakistan.
"ADB's mission, however, informed economic managers that ADB's financing would focus on energy, transport and water management," the Daily Times quoted official sources, as saying.
The ADB Vice President and Director for South Asia, accompanied by the delegation, held a detailed meeting with Pakistan Finance Minister Dr Hafeez Sheikh and discussed bilateral issues with him.
An overview of Pakistan's economy was given to the high-powered ADB delegation and it was informed that Pakistan's economy had suffered losses due to floods, but now it was recovering rapidly.
It was also informed that Pakistan was undergoing transition in its structural reforms in areas like provincial financial autonomy, pricing policy, expansion in social safety nets and corporatisation of public sector entities.
The ADB mission was also informed that the main focus of the present government was on overcoming the energy crisis, eliminating circular debt and minimising government intervention in markets.
The Bank was also informed that the government had plans to eliminate power sector subsidies, while it faced some problems in the introduction of General Sales Tax in Value Added Tax (VAT) mode. (ANI)
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