Lenders back private-sector growth

The Asian Development Bank has renewed its pledge to back Pakistan's development goals, according to a Finance Ministry statement released on Wednesday. Vice President Yingming Yang praised the government for advances in macroeconomic stability, the external account and sovereign credit ratings during talks with Finance Minister Muhammad Aurangzeb. Aurangzeb said the focus had moved past stabilisation toward inclusive growth, with more weight on investment, exports, jobs and private participation.

Lending to smaller firms also came up, and Aurangzeb pointed to official moves to expand SME financing and raise their capacity to create jobs, investment and exports. The session also looked at the insurance overhaul, public-private partnership work and steps to make projects ready and deliverable. Aurangzeb also urged greater domestic and private capital, co-financing and innovative structures, with wider cooperation in infrastructure, clean energy and climate resilience.

In a separate meeting, Aurangzeb met Deutsche Bank's regional head, Jamal Al Kishi, to review the economic outlook and investment opportunities. The minister described improvements in fiscal and external figures, along with a medium-term plan to spread out borrowing and tap global capital markets. Al Kishi praised two years of advances in fiscal tightening, payments balance, exports and remittances, calling them a sound base. Al Kishi also pledged that Deutsche Bank would stay in Pakistan over the long run and expand its corporate and investment banking offerings.