ISLAMABAD – Lauding the government’s ongoing initiatives, a delegation of World Bank executive directors said on Monday that Pakistan’s journey of economic reforms under the leadership of Prime Minister Shehbaz Sharif was progressing at pace.
The remarks came during a meeting between PM Shehbaz and a nine-member World Bank delegation, which is currently visiting Pakistan after a 20-year hiatus.
“The positive outcomes of the government’s ongoing reform initiatives are being felt, which is a promising development,” noted the delegation.
Speaking on the occasion, PM Shehbaz said that, according to a statement issued by the PM Office, several key development projects were completed in Pakistan with the cooperation of the World Bank, which had played a vital role in the country’s progress.
The premier welcomed the delegation on their visit to Pakistan and said the partnership between the World Bank and Pakistan spanned over seven decades.
“Pakistan has greatly benefited from its partnership with the World Bank,” he said, adding the World Bank provided substantial assistance to the people affected by the 2022 floods in Pakistan.
PM Shehbaz observed that the recent World Bank Country Partnership Framework included an investment of $40 billion in Pakistan, which was highly encouraging.
With $20 billion allocated for various projects in health, education, youth development, and other social sectors, he added that a new chapter of progress would begin in Pakistan. The prime minister said an additional $20b investment in Pakistan’s private sector under the International Finance Corporation would accelerate the country’s economic growth. Appreciating the World Bank’s trust in the government’s policies, he said Pakistan’s institutional and economic reform programme was moving rapidly.
He also stressed that sustainable economic development required further efforts. The country’s chief executive said the economic turnaround was due to the hard work of the government’s economic team.
The prime minister observed that Pakistan’s exports and remittances were increasing and added that a reduction in interest rates was boosting investment in the production sector.
He further said that the government was introducing transparency to control corruption. He reiterated that Digitisation remained a priority in the Federal Board of Revenue reforms. The premier further said the power sector reforms aimed to ensure uninterrupted electricity supply and reduce losses.
“The Special Investment Facilitation Council has created an attractive environment for investment in Pakistan, functioning under a unique system involving all stakeholders,” he added.
Shehbaz maintained rather than relying on loans; they prioritised investment and partnerships.
The WB delegation members praised Pakistan’s ongoing reform programme and its practical implementation.
The delegation also appreciated the government’s reform measures in the energy, industrial and export sectors, privatization, revenue generation, and other key areas.
The nine-member WB delegation is currently visiting Pakistan. The delegation oversees portfolios of various countries within the World Bank and will discuss economic development projects and investment opportunities in Pakistan.
Federal ministers Ahsan Iqbal, Ahad Khan Cheema, Sardar Owais Khan Laghari, Dr. Musaddiq Malik, State Ministers Ali Pervez Malik and Shaza Fatima Khawaja, the Prime Minister’s Coordinator Romina Khurshid Alam, Senator Sherry Rehman, Member of National Assembly Nafisa Shah, Prime Minister’s Representative for the Polio Program Ayesha Raza Farooq, and other senior officials attended the meeting.
Two IMF delegations are expected to visit Pakistan to conduct an economic review for both the new loan programme and the next tranche of the already approved $7 billion programme. The total discussions will cover a combined loan amount of $2.5 billion.
According to sources, an IMF delegation will visit Pakistan on February 24 to negotiate the $1.5 billion concessional loan. This new loan programme is reportedly aimed at addressing the damages caused by climate change.
