Finance Minister, Senator Mohammad Ishaq Dar called on President World Bank, Dr Jim Yong Kim at Washington on Monday.
The two discussed in detail World Bank's portfolio in Pakistan. Finance Minister acknowledged the role being played by World Bank for resolving disputes under the Indus Waters Treaty and urged expediting the process. He said that the resolution of the issue “would lead to water security in the region”.
Minister Dar apprised President Kim about the improvement in the macro-economic situation in the country which had been acknowledged and appreciated by the international financial institutions. Pakistan's economy was set to grow by over 5 percent in the fiscal year ending in June 2017, the Minister added. The focus, he said, was now on making the growth inclusive and sustainable. For the purpose, he said, government was also focusing on the social sectors. Innovative measures, including Pakistan Development Fund and Pakistan Infrastructure Bank, were being undertaken to maintain the higher growth trajectory, Ishaq Dar remarked.
President World Bank Jim Yong Kim congratulated Finance Minister on successful completion of the IMF programme and hoped that Pakistan would continue with the reforms process to sustain the higher growth trajectory. He opined that Pakistan could further benefit from technological improvements in the renewable energy sector. He offered World Bank's technical and financial help in this regard.
Minister Dar highlighted the potential for hydro power generation and water storage in the country and requested World Bank's support in undertaking hydro power projects on Indus River cascade. President Kim assured World Bank's continued support for projects like Dasu and Tarbela as well as other hydropower projects.
The meeting was attended by Governor SBP, Finance Secretary, Secretary EAD and Pakistan's Executive Director in World Bank. President Kim was accompanied in the meeting by World Bank's CEO/MD Kristalina Georgieva and other senior management.