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Ishaq witnesses Pak-ADB loan signing agreement

Ishaq witnesses Pak-ADB loan signing agreement

PESHAWAR: Finance Minister Senator Mohammad Ishaq Dar witnessed the loan signing agreement between the Government of Pakistan and Asian Development Bank (ADB) for financing the Sustainable Energy Sector Reform Programme (Subprogram III) amounting to $300million.

Tariq Pasha, Secretary, Economic Affairs Division (EAD), signed the Loan Agreement with Ms. Xiaohong Yang, Country Director ADB.
The principal objectives of the said programme are to improve the reliability, sustainability and affordability of the government’s energy sector in order to support the economic growth. The reform programme will help improve the financial viability of the power sector by better managing the tariff and subsidies, improving sector performance and opening the market to private participation. This will result in better transparency and accountability of the institutions in the power sector.
Speaking on the occasion, the finance minister congratulated the ADB, EAD and Finance Division on the successful negotiations leading to the signing of loan agreement. He expressed appreciation for ADB’s continued support and partnership with Pakistan in the energy sector.

The finance minister reiterated government’s determination to resolve the issue of energy in Pakistan. He said that additional electricity will be added to the national grid by early 2018 by completion of ongoing projects, which will significantly reduce the load-shedding.