World Bank ready to provide support to Pakistan, says new VP
Le Houérou assures support for stabilising the macro economy and needed structural reforms.
Philippe Le Houerou (C) Vice President for the World Banks South Asia Region, speaks to the media after he arrived at the India-Pakistan Wagah border post on August 24, 2013. PHOTO: AFP
ISLAMABAD:
Philippe Le Houérou, new vice president of World Bank Group’s South Asia region, said the lending agency will provide policy and performance-based support to Pakistan.
“The World Bank Group stands ready to assist the government in reform implementation through policy and performance-based support”, said Le Houérou. The complex challenges facing the country call for not only implementation of multi-sectoral fundamental reforms and investments but also their careful sequencing, he added.
In the difficult current economic situation of the country, Le Houérou agreed with the government’s economic plan. He assured the government of the World Bank’s support for stabilising the macro economy, deepening the needed structural reforms and implementing needed sectoral investments.
He also discussed the government’s development priorities and the programming of $1.5 billion International Development Assistance (IDA) support to Pakistan for the next 10 months, in the areas of policy reforms and investments, particularly in energy, revenue mobilisation, governance and social sectors.
However, the investment needs of the energy sector alone far exceed the financing available from the public sector and development agencies combined. Hence, reforms to improve financial sustainability and create conducive framework for attracting private and sovereign fund investment will be critical in getting the sector out of the crisis and provide stability in the long run.
He welcomed the effort of the government to boost Pakistan’s regional cooperation and extended the World Bank’s support to the Central Asia-South Asia initiative (CASA1000) and Pakistan-India power connectivity. Le Houérou felt that in view of the serious energy crisis facing the country, Pakistan needs to focus on both the immediate needs and longer term integrated resources planning of the energy sector. In terms of knowledge sharing, he encouraged Pakistan to sustain and share its experience of the social protection programme, which is a global best practice of objective-targeting of the poor.
He also met the Chief Minister of Punjab Shahbaz Sharif in Islamabad and acknowledged the World Bank’s strong development partnership with the province and the well performing World Bank-financed programmes in the social, rural and urban development sectors. He also appreciated the provincial government’s focus on governance and transparency, and on promoting job-enhancing industries. They both agreed the timing of the reforms is important, and emphasised the need for swift decision and speedy implementation.
Le Houérou, who led World Bank’s Europe and Central Asia Region as the vice president prior to his current assignment, held several meetings in Islamabad and Lahore with representatives of diplomatic missions, development agencies, academia, think-tanks, private sector and civil society to deepen his knowledge of the country.
In Lahore, Le Houérou visited the World Bank-financed Walled City of Lahore project and met with the project authorities as well as the elders and youth of the beneficiary communities.
He left for India yesterday (Saturday) to begin the next leg of his regional visit.
Published in The Express Tribune, August 25th 2013.
Philippe Le Houérou, new vice president of World Bank Group’s South Asia region, said the lending agency will provide policy and performance-based support to Pakistan.
“The World Bank Group stands ready to assist the government in reform implementation through policy and performance-based support”, said Le Houérou. The complex challenges facing the country call for not only implementation of multi-sectoral fundamental reforms and investments but also their careful sequencing, he added.
In the difficult current economic situation of the country, Le Houérou agreed with the government’s economic plan. He assured the government of the World Bank’s support for stabilising the macro economy, deepening the needed structural reforms and implementing needed sectoral investments.
He also discussed the government’s development priorities and the programming of $1.5 billion International Development Assistance (IDA) support to Pakistan for the next 10 months, in the areas of policy reforms and investments, particularly in energy, revenue mobilisation, governance and social sectors.
However, the investment needs of the energy sector alone far exceed the financing available from the public sector and development agencies combined. Hence, reforms to improve financial sustainability and create conducive framework for attracting private and sovereign fund investment will be critical in getting the sector out of the crisis and provide stability in the long run.
He welcomed the effort of the government to boost Pakistan’s regional cooperation and extended the World Bank’s support to the Central Asia-South Asia initiative (CASA1000) and Pakistan-India power connectivity. Le Houérou felt that in view of the serious energy crisis facing the country, Pakistan needs to focus on both the immediate needs and longer term integrated resources planning of the energy sector. In terms of knowledge sharing, he encouraged Pakistan to sustain and share its experience of the social protection programme, which is a global best practice of objective-targeting of the poor.
He also met the Chief Minister of Punjab Shahbaz Sharif in Islamabad and acknowledged the World Bank’s strong development partnership with the province and the well performing World Bank-financed programmes in the social, rural and urban development sectors. He also appreciated the provincial government’s focus on governance and transparency, and on promoting job-enhancing industries. They both agreed the timing of the reforms is important, and emphasised the need for swift decision and speedy implementation.
Le Houérou, who led World Bank’s Europe and Central Asia Region as the vice president prior to his current assignment, held several meetings in Islamabad and Lahore with representatives of diplomatic missions, development agencies, academia, think-tanks, private sector and civil society to deepen his knowledge of the country.
In Lahore, Le Houérou visited the World Bank-financed Walled City of Lahore project and met with the project authorities as well as the elders and youth of the beneficiary communities.
He left for India yesterday (Saturday) to begin the next leg of his regional visit.
Published in The Express Tribune, August 25th 2013.