- Positive results of government reform initiatives
- Govt introducing transparency to control corruption, PM said to WB.
- The delegation of WB executive directors arrives in Pakistan after 20 years.
Installing the current government initiatives, a delegation of executive directors of the World Bank on Monday said that the Pakistan’s economic reform journey under the leadership of Prime Minister Shehbaz Sharif, progressed at a rate.
The remarks occurred at a meeting between Prime Minister Shehbaz and a delegation of nine WB members, which is currently visiting Pakistan after a 20 -year interruption.
“The positive results of the current reform initiatives are felt, which is promising development,” noted the delegation.
Speaking on occasion, Prime Minister Shehbaz said that with WB cooperation, several key development projects were completed in Pakistan, which had played a vital role in the country’s progress, according to a statement published by The PM office.
The Prime Minister welcomed the delegation during his visit to Pakistan and said that the partnership between WB and Pakistan took place over seven decades.
“Pakistan has greatly benefited from its partnership with the World Bank,” he said, adding that WB has provided substantial aid to people affected by the 2022 floods in Pakistan.
Prime Minister Shehbaz observed that the recent WB national partnership manager included an investment of $ 40 billion in Pakistan, which was very encouraging.
$ 40 billion in investment
With 20 billion dollars allocated to various projects in terms of health, education, development of young people and other social sectors, a new chapter of progress would begin in Pakistan, he added.
The Prime Minister said that an additional $ 20 billion investment in the Pakistan private sector as part of the International Finance Corporation (IFC) would accelerate the country’s economic growth.
Approaching WB’s confidence in government policies, he said that the Pakistan institutional and economic reform program was rapidly playing.
“The country’s economy is on the right track and is evolving towards growth,” added the Prime Minister.
He also stressed that sustainable economic development required other efforts. The CEO of the country said that the credit for the economic turnaround had gone to the relentless work of the government’s economic team.
The Prime Minister observed that exports and funding from Pakistan increased, adding that a reduction in interest rates increases investments in the production sector.
He added that the government introduced transparency to control corruption.
Digitization has remained a priority in the Reforms of the Federal Board of Return (FBR), he reiterated.
The Prime Minister also said that energy sector reforms aimed to supply uninterrupted electricity and reducing losses.
“The Special Investment Facilitation Council (SIFC) has created an attractive environment for investment in Pakistan, operating in a single system involving all stakeholders,” he added.
Shehbaz maintained rather than relying on loans, they prioritize investments and partnerships.
The members of the WB delegation congratulated the current reform of Pakistan reform and its effective implementation.
The delegation also appreciated government reform measures in the energy, industry and exports, privatization, revenue generation and other key areas sectors.
The delegation of nine WB members is currently visiting Pakistan, supervising portfolios in various countries of the World Bank. The delegation will discuss economic development projects and investment opportunities in Pakistan.