EA minister Bakhtyar pats AIIB on PPP

By Staff Reporter
Wednesday – July 29, 2020
ISLAMABAD: The economic affairs (EA) minister Khusro Bakhtyar, Tuesday, mentioned that infrastructure financing could only be sustained by multilateral development banks (MDBs) including the asian infrastructure investment bank (AIIB); and by leveraging on policy on prohibited practices (PPP) potential as building a robust PPP regime remained a challenge for many countries; in current COVID-19 (coronavirus) situation.

According to an official statement, EA minister Bakhtyar addressed the annual meeting of AIIB through a video link in the federal capital.

He grieved the disruptions due to prevalent pandemic, as the fiscal space declined even further with rising domestic spending and unbearable exchange rate movements against the United States (US) dollar, in the Asian countries.

“The pandemic has caused severe disruptions in the global economic system, has stressed the health infrastructure and created a severe social distress.

“The impact is more pronounced in case of emerging markets and developing countries.

“I wish an early end to the pandemic and recovery of the global economy.

“In this backdrop, the COVID-19 crisis response facility of AIIB, which was announced to support economies of member countries is highly commendable,” EA minister Bakhtyar said.

He said the AIIB should take lead in technological and information technology (IT) related infrastructure in the short to medium term horizon particularly in sectors like education, health, information and communication technology (ICT) in post COVID-19 time.

EA minister Bakhtyar expressed hope that the AIIB will enhance climate financing and provision of primary physical infrastructure for cities, water and sanitation, rural connectivity with cities for developing countries.

He appreciated that the development of basic infrastructure in countries within Asia and beyond had remained a priority for the AIIB. Similarly, South Asia is the least connected region in the world in terms of trade and tourism; this needs to remain a priority area as the AIIB develops its corporate strategy.

In closing remarks, EA minister Bakhtyar expressed hope that AIIB, being a relatively new MDB, will use the opportunity to provide innovative solutions to satisfy the clients’ needs and fulfil its mandate.