With $40bn investment by WB, new chapter of progress to begin in Pakistan, says PM Shehbaz
Mahnoor Ansar/DNA
ISLAMABAD: Lauding the government’s ongoing initiatives, a delegation of World Bank executive directors on Monday said 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 WB delegation, which is currently visiting Pakistan after a hiatus of 20 years.
“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 with the cooperation of the WB, several key development projects were completed in Pakistan, which had played a vital role in the country’s progress, according to a statement issued by PM Office.
The premier welcomed the delegation on their visit to Pakistan and said the partnership between the WB and Pakistan spanned over seven decades.
“Pakistan has greatly benefited from its partnership with the World Bank,” he said, adding the WB provided substantial assistance to the people affected by the 2022 floods in Pakistan.
PM Shehbaz observed that the recent Country Partnership Framework of the WB 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, a new chapter of progress would begin in Pakistan, he added.
The prime minister said that an additional $20bn investment in Pakistan’s private sector under the International Finance Corporation (IFC) would accelerate the country’s economic growth.
Appreciating the WB’s trust in the government’s policies, he said Pakistan’s institutional and economic reform programme was moving rapidly.
“The country’s economy is on the right path and moving towards growth,” the premier added.
He also stressed that sustainable economic development required further efforts. The country’s chief executive said that the credit for economic turnaround went to the hard work of the government’s economic team.
The prime minister observed that Pakistan’s exports and remittances were increasing, adding 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.
Digitisation remained a priority in the Federal Board of Revenue (FBR) reforms, he reiterated.
The premier further said the power sector reforms aimed to ensure uninterrupted electricity supply and reduce losses.
“The Special Investment Facilitation Council (SIFC) 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 effective 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, overseeing portfolios of various countries within the World Bank. The delegation will discuss economic development projects and investment opportunities in Pakistan.
