FM appreciates World Bank's support for Pakistan's economic growth

November 26, 2024 (MLN): The Federal Minister for Finance and Revenue Muhammad Aurangzeb has lauded the World Bank’s continued financial and technical assistance in driving Pakistan’s economic reforms and development agenda during a high-level meeting with Mr. Najy Benhassine, Country Director of the World Bank, according to the press release issued today. 

During a high-level meeting, the minister acknowledged the World Bank’s pivotal role in supporting initiatives across various sectors, including infrastructure, energy, education, and healthcare and reiterated the government’s commitment to fiscal discipline, sustainable growth, and efficient resource utilization.

Discussions focused on the establishment of a robust and transparent tax policy framework to enhance revenue mobilization and improve compliance while ensuring equitable taxation.

The World Bank team also offered technical assistance to streamline the budget-making process, adopting modern practices to improve transparency and accountability in public financial management, and an effective debt management mechanism to ensure fiscal sustainability and reduce risks.

Issues related to the Agricultural Income Tax Regime and GST harmonisation in coordination with provinces and enhanced focus on the active role of the National Tax Council also came under discussion. 

Mr. Najy Benhassine appreciated the government’s reform initiatives and assured continued support from the World Bank in key areas identified during the discussions.

He reiterated the World Bank’s commitment to assisting Pakistan in addressing economic challenges and achieving its developmental objectives.

The Finance Minister expressed gratitude for the World Bank’s support and reaffirmed the government’s resolve to implement reforms aimed at sustainable economic progress.

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