World Bank reaffirms support for Pakistan’s economy

Director says joint efforts will target disbursements of $2b in FY2023-24

ISLAMABAD:

World Bank Country Director, Najy Binhassine, met with Pakistan’s Finance Minister for Finance, Shamshad Akhtar, on Saturday, to discuss and evaluate the ongoing partnership between Pakistan and the World Bank. Their meeting focused on enhancing collaboration in key priority areas to stimulate economic activities in Pakistan.

Akhtar warmly welcomed the World Bank delegation and underscored Pakistan’s deep appreciation for its development partnership with the organisation. She specifically commended the dedicated efforts of the World Bank’s country team in Islamabad for their contributions to Pakistan’s economic development.

During the meeting, Binhassine, provided an overview of the ongoing portfolio and expressed the World Bank’s commitment to improving project implementation and maximising foreign resource disbursement in collaboration with Pakistan’s Ministry of Finance, Revenue, Economic Affairs, and Privatisation. It was revealed that joint efforts are targeting disbursements of approximately $2 billion in FY2023-24.

Read Pakistan’s GDP to grow at 2.0% in 2023: World Bank

The finance minister elaborated on the government’s reform agenda and ongoing efforts to stabilise the economy. She emphasised the importance of implementing reforms, particularly in the energy sector, as a means to unlock Pakistan’s growth potential. Policy reforms in this sector remain a top priority for the Pakistani government, she said.

The meeting also touched upon the progress of the RISE-II Development Policy Financing Programme, which has recently been negotiated between the World Bank and Pakistan’s EAD.

Published in The Express Tribune, September 10^th, 2023.

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