Business
ADB’s governors approve ADB’s financial statements
The Board of Governors of the Asian Development Bank approved ADB’s financial statements in its first-ever virtual Annual Meeting.
ADB on its official website wrote that its Board of Governors had approved ADB’s financial statements and the allocation of its 2019 net income in the Annual Meeting today.
The annual meeting took place through video conferencing (VTC) Friday amid the COVID19 pandemic.
In his remarks to the meeting, ADB President Masatsugu Asakawa said, “Our immediate priority is to provide vital support to developing member countries as they confront the COVID19 pandemic and return their economies to a path of sustainable growth,”
“Your approval today of the financial statements and allocation of net income ensure that we have the tools and financial stability to address the enormous challenges that now affect the lives and economies of millions of people across our region,” he added.
The Chair of the Board of Governors said, “Our choices and efforts today will determine whether we can overcome the current health care and economic crises.”
He added, “The ADB should turn this crisis into an opportunity while enhancing knowledge sharing on COVID-19 policy responses and expanding support for low-income countries and vulnerable groups.”
The Board of Governors adopted a resolution to allocate $1.069 billion of net income from ADB’s 2019 ordinary capital resources.
The allocable net income will be distributed as follows:
- $615.7 million to support ADB’s capital adequacy to generate net income,
- $259.5 million to the Asian Development Fund, which provides grants to ADB’s low-income member countries,
- $130 million to the Technical Assistance Special Fund, which includes support to respond to the COVID19 pandemic,
- $30 million to the Regional Cooperation and Integration Fund,
- $24 million to the Climate Change Fund, and
- $10 million to the Asia Pacific Disaster Response Fund.
ADB is actively supporting its members as they address the effects of COVID-19 through its $20 billion response package announced on 13 April.
Business
Pakistan’s kinno exports falter as tensions with Afghanistan continue
Pakistan’s kinno exports remain far below potential as regional tensions, high freight costs and weak government support continue to choke the citrus trade.
Despite being a leading global citrus producer, Pakistan is expected to export just 400,000–450,000 tonnes of kinno in the 2025–26 season, compared with an estimated capacity of 700,000–800,000 tonnes.
Exports in 2024–25 stood at around 350,000–400,000 tonnes, mainly to Russia, the UAE, Saudi Arabia, Afghanistan, Indonesia and Central Asia. While better fruit quality this season has raised hopes, persistent crossing disruptions—especially with Afghanistan—and transport bottlenecks have offset gains.
Growers say prices have collapsed sharply, forcing panic sales. Rates for large kinno have fallen from over Rs120 per kg early in the season to as low as Rs75, while smaller fruit is selling for Rs35–40 per kg amid weak demand.
Industry leaders warn the crisis is crippling processing units and jobs. More than 100 factories reportedly failed to open this season, with dozens more shutting down as exports stall. Cold storages in Sargodha are nearly full, putting fruit worth millions of dollars at risk of spoilage, while growers fear losses of up to Rs10 billion.
Exporters are urging the government to urgently resolve issues, subsidise logistics, and help access alternative markets, warning that prolonged inaction could devastate farmers, workers and the wider economy.
Business
Pezeshkian pledges to facilitate Iran-Afghanistan trade
Iranian President Masoud Pezeshkian has said that Tehran will facilitate trade and economic exchanges with Afghanistan, including easing procedures at customs and local marketplaces.
He made the remarks during a televised interview following his visit to South Khorasan province, which shares a border with Afghanistan.
Pezeshkian, in a separate event addressing local business leaders, highlighted the province’s strategic advantages, citing its rich mineral resources, proximity to neighboring countries such as Afghanistan and Pakistan, and access to the ocean via the Chabahar port. He described the region as “a golden opportunity not found everywhere,” emphasizing its potential for economic growth and cross-border commerce.
Business
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