The goal of the CPS which is in direct support of Pakistan's own Poverty Reduction Strategy is to help steer its economy back onto a path of high growth by addressing the country's key long-term constraints to growth: weak revenue mobilisation, unreliable energy supply, and a fragile security situation, stated participants in the meeting.
They said the bank will also continue its strong support to improve education and health systems, strengthen the potential for increased and more productive labour force participation, reinforce safety net systems, and enhance the earning capacity of the poor and vulnerable.
''Throughout its history Pakistan has been plagued by cycles of high growth interrupted by shocks and crises,'' said Rachid Benmessaoud, World Bank Country Director for Pakistan. ''This strategy recognises that to steer Pakistan back on a path of broad-based growth, create jobs, and reduce poverty, a prolonged period of macroeconomic stability, financial discipline and sound policies is required. The World Bank Group will therefore focus on the achievement of those outcomes that have the potential to be truly transformational. This means successfully addressing tax policy and administration and expanding power provisions.”
In the energy sector, the World Bank said it will help Pakistan tap its huge hydropower potential and improve the use of natural gas resources. The institution also said it will ramp up its support to help the government increase tax revenues to reduce the country's reliance on foreign aid and address the chronic underfunding of key services.
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