ISLAMABAD, Dec 12 (DNA): Federal Minister for Economic Affairs Makhdum
Khusro Bakhtyar welcomed the ADB’s Asian Development Outlook Supplement
(December, 2020) which highlights improvement in mobility and economic
activities in Asia & the Pacific Region despite the persistent challenge
of   COVID-19.

In its ADO Supplement, ADB has also revised growth projections for South
Asia from -6.8% to -6.1% for the year 2020. While commending Pakistan’s
performance, ADB has stated that Pakistan’s economy is recovering,
particularly in the manufacturing and construction sectors, supported by
the government emergency relief measures.

The Minister for Economic Affairs highlighted that Pakistan’s economic
performance is remarkable in the context of second wave of COVID-19 and
persistent growth contraction worldwide. With the pre-COVID improvements
in macroeconomic fundamentals and strong policy response during the
pandemic helped us save lives and livelihood of the people. The economy
is poised to pick up from where it was before the COVID-19 outbreak,” he
added.

As a result of government’s strong support for industrial sector,
especially construction & textile, Large Scale Manufacturing (LSM) has
expanded by 4.8 percent (y/y) in the first quarter of FY2020-21 against
a contraction of 5.5% in the same quarter last year.

This revival of industrial growth has also created huge employment
opportunities and surpassed the pre-corona level. Foreign Direct
Investment has also witnessed 150% YoY increase in October 2020 from
$126 million in October, 2019 to $317 million in October, 2020. During
the first five-months of FY21, workers’ remittances have reached an
unprecedented level of US$ 11.77 billion, 26.9% higher than the same
period last year.

This increase in external inflows reflects the confidence of
international investors, business community and overseas Pakistanis on
the successful policies of the present government.

The Minister for Economic Affairs also appreciated the ADB for launching
a $9 billion vaccine initiative under Asia Pacific Vaccine Access
Facility (APVAX). Under this initiative, the member countries can access
rapid financing facility from ADB for procurement and delivery of
COVID-19 vaccine.

APVAX will play a critical role in helping our developing members to
overcome the corona pandemic and bring them back on a path of economic
growth and sustainable development. Pakistan may access this emergency
financing facility for vaccine procurement to the extent needed.

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