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Assurance of full support to Pakistan for economic stability of the World Bank

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Assurance of full support to Pakistan for economic stability of the World Bank

Signed by World Bank representative and Dr. Kazim Niaz—Photo: File

Islamabad: Pakistan and the World Bank have agreed to work on a new strong and ambitious Country Partnership Framework to advance the reform and development agenda, and the World Bank is fully committed to strengthening the economy, accelerating inclusive and resilient growth. And support has been assured.

According to Express News, World Bank Vice President for South Asia Martin Ricer has completed his three-day visit to Pakistan and during his visit he met Prime Minister Shahbaz Sharif, Finance Minister Muhammad Aurangzeb, Chairman Federal Board of Revenue. (FBR) Malik Amjad Zubair Tawana and other important personalities met.

On the occasion of the meeting with the Prime Minister Mian Shahbaz Sharif by the Vice President of the World Bank for South Asia, Martin Ricer, the country representative of the World Bank in Pakistan, Naji Benhasin, was also present.

Prime Minister Shehbaz Sharif while welcoming Martin Ricer appreciated the World Bank’s support in the development of Pakistan and the assistance provided by the Bank to build climate resilient infrastructure in the context of 2022 floods in Pakistan.

He briefed the delegation about the government’s reform agenda, which includes digitization of the entire tax system, reforms in the power sector, increasing production per acre in the agricultural sector, addressing child development issues.

Appreciating Pakistan’s aggressive reform agenda, Martin Ricer said that the World Bank is ready to support Pakistan in its journey to transform the economy towards sustainable development.

Both sides agreed to engage in a long-term partnership under a new Country Partnership Framework, with an annual review mechanism to assess progress and ensure results are achieved. The strategy will include flexibility to accommodate future needs.

The priority areas discussed include structural economic reforms, including domestic resource mobilisation, particularly digitalisation and tax policy reforms.

The meeting also discussed human capital development, particularly child development and improving basic education, as well as energy sector reforms, including increasing private sector participation in transmission and distribution and making energy cheaper, cleaner It was also agreed to shift to green energy to make it clean and financially sustainable.

Pakistan mobilizes global expertise and best practices, builds institutional capacity, leverages digital transformation and private sector partnerships with the World Bank, private sector, international financial institutions, corporations and multilaterals to increase economic opportunities, including in the agricultural sector. It will benefit from world-class expertise through the Investment Guarantee Agency.

The two sides also agreed that the process of preparing the new Country Partnership Framework will involve consultation with federal and provincial governments as well as academics, parliamentarians, civil society, development partners and the private sector.

The World Bank will engage with stakeholders to discuss partnership priorities that align with the Government of Pakistan’s key development priorities and strategies.

World Bank Country Representative Mr. Naji Benhasin and Secretary Economic Affairs Division Dr. Kazim Niaz signed the declaration in this regard.

Assurance of full support to Pakistan for economic stability of the World Bank

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