New Delhi– In the wake of the deadly terrorist attack in Pahalgam, Union Finance Minister Nirmala Sitharaman has urged the Asian Development Bank (ADB) to suspend financial support to Pakistan, citing the country’s alleged involvement in the incident. The request was reportedly made during her meeting with ADB President Masato Kanda in Milan, where she is attending the 58th Annual Meeting of the ADB Board of Governors.
According to a report by NDTV, Sitharaman raised concerns about Pakistan’s role in the April 22 attack in Jammu and Kashmir that claimed the lives of 26 people. The Indian government has attributed the attack to Pakistan-based terror groups, prompting a renewed push for international action.
India is now calling on the ADB to reevaluate its financial relationship with Islamabad. The bank’s current sovereign portfolio in Pakistan includes 53 loans and three grants totaling approximately $9.13 billion as of 2024.
In addition to her discussions with the ADB chief, Sitharaman has reportedly addressed the matter with her Italian counterpart and is engaging other European nations to garner support for further diplomatic measures against Pakistan.
India is also lobbying for Pakistan’s re-entry onto the Financial Action Task Force (FATF) grey list, which identifies countries that fail to combat money laundering and terrorist financing effectively. Inclusion on the list subjects a country to increased monitoring and reduces its attractiveness to foreign investors, thereby limiting financial inflows.
The move is part of a broader diplomatic offensive following the Pahalgam massacre. India has already taken several unilateral steps, including suspending the Indus Waters Treaty, closing the Attari border crossing, cancelling visas for Pakistani nationals, and halting all bilateral trade.
Meanwhile, amid rising tensions and heightened military alertness, Defence Secretary Rajesh Kumar Singh met with Prime Minister Narendra Modi on Monday. The Defence Secretary is believed to have briefed the Prime Minister on the security situation and India’s preparedness, particularly along the western frontier with Pakistan. (Source: IANS)
