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Govt decides to seek advisory services from ADB

Govt decides to seek advisory services from ADB

ISLAMABAD: The federal government has decided to seek advisory services from the Asian Development Bank (ADB) for the planning and management of its development projects, including reforms-oriented ones and those under the public-private partnership arrangement.

According to media, the assistance will entail the formulation of the project strategy, structuring and procurement. The government will sign up a transaction advisory service (TAS) framework on an international level with ADB for this purpose.

The ADB section of the finance ministry has already prepared a draft for the TAS framework agreement and forwarded it to the authorities concerned including the ministries of finance, communication, energy, law and justice, the Federal Board of Revenue (FBR), the Securities and Exchange Commission (SECP) and the State Bank of Pakistan (SBP).

As per the agreement, separate terms and conditions will be formulated for ADB’s services pertaining to each governmental project for which the financial institution and the government authority concerned will also sign a project-specific mandate letter.