ISLAMABAD: The Independent Evaluation Department (IED) of the Asian Development Bank (ADB) has rated technical assistance for “Pakistan: Economic Management Support” as successful and relevant.
The IED in its validation report stated that the technical assistance (TA) project was aimed at revitalizing the economic growth of Pakistan. Its anticipated outcome was a government that is enabled to make informed and well-considered economic policy decisions and pursue progress in structural and economic reforms.
The planned outputs were to have (i) policy notes, road maps, and strategic plans on important economic policy reforms completed; (ii) concept notes finalized and key reforms identified—for the Asian Development Bank (ADB)’s policy-based lending (PBL) support to Pakistan; and (iii) knowledge sharing activities completed.
At the time of processing (2018), the economy of Pakistan was facing serious structural constraints. Low tax revenues and expansionary fiscal policies resulted in increased fiscal deficits.
Simultaneously, growing levels of imports and stagnant levels of export growth resulted in an increased current account deficit.
An overvalued currency rate led to a drop in foreign exchange reserves, state-owned enterprises (SOEs) were inefficient, and human capital policies and programs were weak.
Following the general elections in 2018, a new government took office with a manifesto to address such economic and social challenges. The TA project was developed to...
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