Update: PIB denies reports of India urging Asian Development Bank to cut Pakistan funding
NEW DELHI: The Press Information Bureau issued a clarification on Tuesday dismissing the reports that India demanded the Asian Development Bank to reduce funding for Pakistan after the recent terror attack in Pahalgam.
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News agency ANI on Monday had reported, quoting sources that during the 58th Annual Meeting of the Asian Development Bank (ADB) in Milan, finance minister
urged ADB President Masato Kanda to reduce financial assistance to Pakistan.
India has significantly reduced diplomatic ties with Pakistan following the April 22 terror attack in Pahalgam, Jammu and Kashmir, which killed 26 people and injured several others, mostly tourists.
At the upcoming International Monetary Fund (IMF) board meeting on May 9, India reportedly plans to voice concerns regarding Pakistan's bailout arrangement, according to the IMF website.
India intends to approach FATF (
Financial Action Task Force
), the global watchdog for money laundering and terrorist financing, requesting Pakistan's inclusion in the grey list as part of its strategy to limit Pakistan's funding sources, according to ANI.
A recent Moody's report indicated that continued India-Pakistan tensions could hamper Pakistan's ability to secure external financing and affect its foreign-exchange reserves. The report highlighted that Pakistan's current foreign exchange reserves are insufficient to cover its external debt payment requirements for the coming years.
While, the same assessment offered an optimistic outlook for India, noting its stable macroeconomic conditions, supported by sustained growth levels, robust public investment, and strong private consumption patterns.
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India has also suspended the 1960
, an action that will gradually diminish Pakistan's water resources.
Also on Monday, sharing a post on X, the Finance Ministry said during the meet, "Sitharaman reiterated that India focuses on private sector-led economic growth and has been consistently creating a conducive policy and regulatory ecosystem through bold initiatives such as the Insolvency and Bankruptcy Code, Corporate Tax Rate Reduction and GST implementation, Production-Linked Incentives, National Infrastructure Pipeline, GatiShakti National Master Plan, and StartupIndia, among others, for greater Ease of Doing Business."
"The finance minister emphasised that India offers opportunities for ADB to pilot new, innovative financing products and models," the post added.
The ADB President expressed "full support to India's development priorities, guided by Prime Minister Narendra Modi's vision of a Viksit Bharat by 2047."
Sitharaman is heading the Indian delegation of officials from the Department of Economic Affairs, Ministry of Finance, at the 58th Annual Meeting of ADB's Board of Governors, occurring from May 4 to 7 in Milan.
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