India demands Italy cut financing to Pakistan #ItalyFinance

India has demanded that the Italian government cut the financing to Pakistan, as New Delhi continues to extend its punitive moves against Islamabad in the aftermath of the Pahalgam terror attack.Sources told that the demand was made at a meeting between Finance Minister Nirmala Sitharaman and her Italian counterpart Giancarlo Giorgetti, on the sidelines of the 58th ADB Annual Meeting in Italian city of Milan.

As per United Nations Development Programme website, the Italian Development Cooperation is an essential UNDP partner in Pakistan and across the world. “Some of Italy’s major initiatives and contributions are in Pakistan,” UNDP website read.

In a separate meeting with the Asian Development Bank (ADB), India has demanded that the regional development bank cut funding for Pakistan.

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. 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”.