World Bank lauds Pakistan’s energy sector reforms

The World Bank has commended Pakistan’s efforts aimed at energy sector reforms, including circular debt management and Indicative Generation Capacity Expansion Plan.

On the sidelines of the World Bank and the International Monetary Fund’s annual meeting on Thursday, a highlevel Pakistani delegation comprising senior government officials met with World Bank Managing Director Axel van Trotsenburg.

On the occasion, Minister for Economic Affairs Omar Ayub Khan appreciated continuous support extended by the World Bank to Pakistan.

He shared that 58 projects worth $13 billion, funded by the World Bank, were under implementation across the county in priority areas including economic reforms, finance, energy, communication, education, health and social protection.

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In 2020-21, the government of Pakistan collaborated with the World Bank to develop 16 schemes having a total worth of $3.64 billion, he added. The minister also appreciated the World Bank for earmarking $12 billion to help developing countries in procurement of Covid-19 vaccines.

 He added that Pakistan was also procuring Pfizer vaccines through a financing of $153 million from the global lender. The minister emphasised on the importance of enhanced connectivity through improved road and digital networks.

Terming road connectivity vital for rural development, the minister stressed that efficient road networks promoted access to social services, such as health facilities and education.

“They also enhance economic opportunities through increased agricultural income and employment, especially in rural and remote areas,” he said. During the meeting, the recovery of Pakistan’s economy from Covid-19 was also appreciated.

 It was highlighted that Pakistan’s exports, especially in textile and information technology sectors, were performing well, which would help the country achieve the export target of FY22.