World Bank assures continued support for Pakistan's development agenda

The World Bank has reiterated its commitment to assisting Pakistan in overcoming its economic challenges and achieving long-term development objectives, according to Radio Pakistan.

The affirmation was made during a meeting between Finance Minister Muhammad Aurangzeb and World Bank Country Director Najy Benhassine at the Finance Division in Islamabad on Tuesday.

Discussions focused on the continued partnership between Pakistan and the World Bank to support the country’s reform agenda, particularly in the areas of fiscal discipline, sustainable growth, and efficient resource management.

During the meeting, Aurangzeb stressed the importance of strengthening collaboration with the World Bank to implement economic reforms and accelerate Pakistan's development agenda.

He expressed appreciation for the financial and technical assistance provided by the World Bank in various sectors, including infrastructure, education, and social services.

The finance minister also reaffirmed the government’s commitment to fiscal discipline and ensuring sustainable economic growth, with a particular focus on optimising resource utilisation.

The talks also highlighted the need for a comprehensive tax policy framework aimed at enhancing revenue mobilisation, improving compliance, and ensuring equitable taxation.

The World Bank team offered technical assistance to modernise Pakistan’s budget-making process and improve transparency and accountability in public financial management.

Further discussions included an effective debt management strategy to ensure fiscal sustainability and reduce economic risks. The meeting also addressed concerns regarding the Agricultural Income Tax Regime and GST harmonisation in coordination with provincial governments.

Aurangzeb expressed gratitude for the World Bank's ongoing support and reiterated Pakistan's resolve to implement key reforms aimed at achieving sustainable economic growth.

He acknowledged the importance of continued World Bank engagement to bolster Pakistan's efforts in critical areas such as taxation, fiscal policy, and public financial management.

In response, Benhassine commended the government’s reform initiatives and assured continued support from the Bank in line with Pakistan's development priorities.