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Monday, June 17, 2024

ADB deems Pakistan best performer under PM Khan

Despite pandemic, Pakistan made impressive progress, says the Asian Development Bank.

Wishing Pakistanis, a happy new year, the Asian Development Bank (ADB) Country Director Yong Ye Friday said Pakistan had made impressive progress in the outgoing year 2021 despite COVID-19 pandemic.

In his video message on twitter, the ADB country head for Pakistan said “in 2021, Pakistan and ADB achieved historic high level of cooperation with over $2.3 billion committed so far by ADB”.

“This reflects our enduring partnership with Pakistan.”

He said despite the challenge posed by the COVID-19 pandemic, Pakistan continued to make impressive progress and and very robust economic, fiscal and structural reforms.

ADB, guided by its new country partnership strategy looks forward to deepening its support for Pakistan, Mr Ye said adding that, the ADB would continue its support for Pakistan’s pandemic related issues through vaccinating, social protection, public sector management, climate resilience, competitiveness and private sector development.

Read more: PTI govt’s best moments of 2021

“As Covid-19 continues I urge all of you to stay safe and vaccinate yourself if you have not, vaccines do work.. it will reduce chances for infections and possibility of having severe symptoms,” he added.

The economic damage

Mid 2021 gave a brief reprieve from the pandemic, allowing the Pakistani government to postpone future large-scale lockdowns until the second and third waves of the pandemic. Was there a total return to pre-lockdown levels because of this? Without a doubt, the period of relief following the first wave resulted in a strong recovery for residents.

The recovery, however, has been incomplete. Around 3 million residents were unable to reclaim their occupations a quarter after the initial wave of lockdowns ended and average income remained 5.5 percent below pre-lockdown levels in November 2020.

Read more: 14% of Pakistani children can die after COVID

This can be problematic for two reasons. First, available data does not account for the impact of the second and third waves’ lockdowns. The improvements gained during the period of respite are likely to have been hampered or reversed because of these lockdowns. Second, an incomplete recovery a quarter after the first wave of lockdowns ended raises fears that structural unemployment has risen.

APP with additional input by GVS News Desk