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Time of India
06-05-2025
- Business
- Time of India
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. Tired of too many ads? go ad free now 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. Tired of too many ads? go ad free now 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.
The Print
05-05-2025
- Business
- The Print
India demands Asian Development to cut funding for Pakistan
Finance Minister Nirmala Sitharaman, in a meeting with Asian Development Bank President Masato Kanda on Monday, demanded that the bank cut its funds to Pakistan, sources said. Milan [Italy], May 5 (ANI): India has demanded that the Asian Development Bank cut funding for Pakistan, as New Delhi continues to extend its punitive moves against Islamabad in the aftermath of the Pahalgam terror attack. According to sources, the demand for cutting the fund to Pakistan was one of the agenda of the meeting among various other issues. Nirmala Sitharaman met with ADB President Masato Kanda during the 58th ADB Annual Meeting in Italian city of Milan. India has sharply downgraded diplomatic ties with Pakistan after the April 22 terrorist attack on tourists in Jammu and Kashmir's Pahalgam, leading to the death of 26 individuals and several other injured, mostly tourists. India suspended the Indus Waters Treaty of 1960, which would over a period of time will severely reduce Pakistan's water supply. Further, sources told ANI that India will also approach FATF (Financial Action Task Force) to include Pakistan in the grey list. In a post on X today, the Finance Ministry said the Finance Minister 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. In the X post, the finance minister emphasised that India offers opportunities for ADB to pilot new, innovative financing products and models. Kanda expressed ADB's full support to India's development priorities, guided by Prime Minister Narendra Modi's vision of a Viksit Bharat by 2047. Sitharaman is leading the Indian delegation of officials from the Department of Economic Affairs, Ministry of Finance for the 58th Annual Meeting of the Board of Governors of Asian Development Bank (ADB), scheduled from May 4 to 7 in Milan. According to an official statement from the Ministry of Finance, the meetings will be attended by official delegations of the Board of Governors of ADB, official delegations of ADB members and international financial institutions. The Union Finance Minister will participate in the Annual Meeting's focal events like the Governors' Business session, Governor's Plenary Session and as a panelist in the ADB Governors' Seminar on 'Cross-Border Collaboration for Future Resilience'. (ANI) This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.
The Print
05-05-2025
- Business
- The Print
India demands Asian Development cut funding for Pakistan
Finance Minister Nirmala Sitharaman, in a meeting with Asian Development Bank President Masato Kanda on Monday, demanded that the bank cut its funds to Pakistan, sources said. Milan [Italy], May 5 (ANI): India has demanded that the Asian Development Bank cut funding for Pakistan, as New Delhi continues to extend its punitive moves against Islamabad in the aftermath of the Pahalgam terror attack. According to sources, the demand for cutting the fund to Pakistan was one of the agenda of the meeting among various other issues. Nirmala Sitharaman met with ADB President Masato Kanda during the 58th ADB Annual Meeting in Italian city of Milan. India has sharply downgraded diplomatic ties with Pakistan after the April 22 terrorist attack on tourists in Jammu and Kashmir's Pahalgam, leading to the death of 26 individuals and several other injured, mostly tourists. India suspended the Indus Waters Treaty of 1960, which would over a period of time will severely reduce Pakistan's water supply. Further, sources told ANI that India will also approach FATF (Financial Action Task Force) to include Pakistan in the grey list. In a post on X today, the Finance Ministry said the Finance Minister 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. In the X post, the finance minister emphasised that India offers opportunities for ADB to pilot new, innovative financing products and models. Kanda expressed ADB's full support to India's development priorities, guided by Prime Minister Narendra Modi's vision of a Viksit Bharat by 2047. Sitharaman is leading the Indian delegation of officials from the Department of Economic Affairs, Ministry of Finance for the 58th Annual Meeting of the Board of Governors of Asian Development Bank (ADB), scheduled from May 4 to 7 in Milan. According to an official statement from the Ministry of Finance, the meetings will be attended by official delegations of the Board of Governors of ADB, official delegations of ADB members and international financial institutions. The Union Finance Minister will participate in the Annual Meeting's focal events like the Governors' Business session, Governor's Plenary Session and as a panelist in the ADB Governors' Seminar on 'Cross-Border Collaboration for Future Resilience'. (ANI) This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.
Time of India
05-05-2025
- Business
- Time of India
Pahalgam attack: India demands Asian Development Bank cut funding for Pakistan
(Photo credit: X) NEW DELHI; India on Monday demanded the Asian Development Bank to reduce funding for Pakistan, as New Delhi continued disciplinary measures against Islamabad in response to the recent terror attack in Pahalgam. During the 58th Annual Meeting of the Asian Development Bank (ADB) in Milan, finance minister Nirmala Sitharaman urged ADB President Masato Kanda to reduce financial assistance to Pakistan, which was amongst several other topics addressed, news agency ANI reported quoting sources. 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. India intends to petition FATF ( Financial Action Task Force ) to place Pakistan on the grey list, sources told ANI. India has also suspended the 1960 Indus Waters Treaty , an action that will gradually diminish Pakistan's water resources. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Rich Man Keeps Annoying Royal Guard, But He Didnt Expect This To Happen Learn It Wise Undo Earlier today, 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.
