Shaikh shares details of reforms initiated to tackle crisis, stabilise Pakistan's economy
World Bank official lauds Pakistan's response to Covid-19
ISLAMABAD:
Newly appointed World Bank Country Director for Pakistan Najy Benhassine has appreciated the strong response from the government during the Covid-19 pandemic.
In a meeting with the finance adviser on Thursday, the country director highlighted the bank's support to the emergency response with projects valuing at almost half a billion dollars.
The support was provided to help the country prevent, detect and respond to the pandemic and strengthen public health preparedness.
World Bank's portfolio in Pakistan includes 56 active projects amounting to approximately $11 billion. The portfolio supports reforms and investments to strengthen institutions, particularly in fiscal management and human development.
Speaking on the occasion, Adviser to PM on Finance Abdul Hafeez Shaikh highlighted the reforms initiated by the government to tackle the balance of payments crisis in 2018-19 and bring stability to the economy.
Shaikh shared details of how the pandemic had adversely impacted the economy and slowed down the reforms programme.
He also outlined the steps taken by the government to tackle the crisis and stimulate the economy. The adviser appreciated the support provided by the World Bank during the pandemic and stressed the need for continuing with the reforms' agenda.
In particular, he emphasised the need for strengthening public finances with focus on enhancing the tax base and improving expenditure management. He requested for technical input of the World Bank on the pension reforms currently being prepared by the Ministry of Finance.
Looking ahead, both sides reaffirmed that they would strengthen the relationship and remove bottlenecks in the way of executing development projects funded by the World Bank.
Published in The Express Tribune, August 21st, 2020.
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