Pakistan has expressed its appreciation for the Asian Development Bank’s decision to allocate an additional $100 billion for member countries over the next decade to tackle pressing issues like climate change, water and food insecurity, and poverty.
Speaking at the 57th annual meeting of the Asian Development Bank in Tbilisi, Georgia, Pakistan’s ADP Governor, Ahad Khan Cheema, emphasized the importance of this funding for initiatives like the Pakistan Capital Adequacy Framework and supporting member countries.
He highlighted the significant challenges posed by climate change, particularly for developing nations like Pakistan, where its impacts exacerbate economic difficulties and contribute to water and food insecurity, ultimately leading to increased poverty.
Cheema stressed the necessity of global cooperation in addressing these challenges, noting that no country, especially those with weaker economies, can confront climate threats in isolation. He underscored the Asian Development Bank’s crucial role as a “climate bank” in addressing these issues. Additionally, Cheema highlighted the broader challenges faced by the world, including global epidemics, climate change, and geopolitical tensions, which are resulting in sluggish global growth rates and heightened poverty levels, necessitating collective efforts for resolution.