The World Bank (WB) has reaffirmed its commitment to supporting Pakistan’s economic stabilization and revenue enhancement through comprehensive reforms and digitalization programs.
In a press statement issued by the Finance Ministry on Wednesday, Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with President of the World Bank Group, Ajay Banga, to discuss Pakistan’s progress under the 9-month Standby Arrangement (SBA) program and ongoing reforms in key areas such as taxation, energy, and privatization.
During the meeting, both parties emphasized the importance of a rolling Country Framework Plan spanning 10 years, aimed at providing a strategic roadmap for Pakistan’s development initiatives. The statement further indicated that Minister Aurangzeb extended an invitation to President Banga to visit Pakistan, demonstrating the country’s eagerness to strengthen its partnership with the World Bank.
Additionally, Minister Aurangzeb held discussions with Masatsugu Asakawa, President of the Asian Development Bank (ADB), focusing on enhancing Pakistan’s collaboration with the ADB, safeguarding concessional financing, and outlining future project pipelines. The meeting underscored the mutual commitment to bolstering Pakistan’s economic development through strategic partnerships and targeted investments.
Furthermore, the Finance Minister engaged with Scott Nathan, Chief Executive Officer of the US International Development Finance Corporation (DFC), to explore avenues for expanding DFC’s investments in Pakistan following the resolution of outstanding issues. Minister Aurangzeb highlighted the government’s efforts to promote innovative financing models that leverage private sector investment and unlock the potential of public-private partnerships (PPPs). He reiterated the government’s dedication to facilitating investment initiatives by both local and foreign investors in Pakistan, underscoring the country’s favorable investment climate and growth prospects.
The assurance of support from international financial institutions such as the World Bank, ADB, and DFC comes at a critical juncture for Pakistan as it endeavors to navigate economic challenges and capitalize on opportunities for sustainable development. The collaboration between Pakistan and these global partners reflects a shared commitment to fostering economic resilience, promoting inclusive growth, and harnessing the transformative power of digitalization to drive progress and prosperity.
As Pakistan continues to implement reforms and pursue its digitalization agenda, the backing of esteemed international institutions serves as a catalyst for realizing its socio-economic objectives and advancing towards a more prosperous future. The government’s unwavering commitment to creating an enabling environment for investment and innovation underscores its determination to build a resilient and dynamic economy that benefits all segments of society.
