Zhukov will manage 10 country offices and 7 sector divisions: energy; environment, natural resources, and agriculture; public management, financial sector, and trade; regional cooperation and operations coordination; social; transport and communications; and urban development and water.
The MOU was signed in Lahore by the Head of Public Private Partnership Cell of Planning and Development Board of Punjab Dr. Farrukh Naveed and ADB Country Director for Pakistan Xiaohong Yang.
The international bond issue pays a 7.50% semi-annual coupon and matures in August 2023. The bonds were arranged by Citigroup Global Markets and sold to European asset managers.
Speaking on the occasion, Country Director Asian Development Bank Xiaohong Yang reaffirmed support for the government's development vision and people-centric growth policies.
The Ministry of Finance said in a written reply that during the two years, the loss to government institutions was more than Rs 1,014bn, in the financial year 2017-18 the loss was 563.28bn, in 2018/19 Rs 450.84bn of loss was incurred.
The ADB assumes that the COVID-19 impact will subside by the end of 2020—the end of the second quarter of FY2021, allowing global conditions to normalize and economic sentiment to improve.
For 2021, the region is forecast to recover and grow 6.8%, still below pre-COVID-19 predictions, the ADB said in an update of its Asian Development Outlook report.
As per the report titled Tackling the COVID-19 Youth Employment Crisis in Asia and the Pacific, in the 6-month scenario, job losses for youth may equal 6.1 million in India, followed by Pakistan with 2.3 million.
“The COVID-19 pandemic is expected to hit remittances hard in Asia and the Pacific. In 2019, 6 of the 10 largest remittance recipients globally were from this region—India, the People’s Republic of China (PRC), the Philippines, Pakistan, Bangladesh, and Vietnam,” said ADB in its report.
Money sent to Asia, where about a third of migrant workers worldwide come from, could fall by $54.3 billion, or about a fifth of baseline remittances, the Manila-based lender said in the report released on Monday.
The country central bank on Wednesday informed that it has received $1 billion, from the Asian Development Bank (ADB) and World Bank (WB). SBP in a tweet said that the country has received $500 million each from ADB and WB.
Under the agreement, the Government of Norway will provide a $5.28 million grant to strengthen the emergency response system in Khyber Pakhtunkhwa province amid the coronavirus crisis.
