World Bank commends Pakistan's reform efforts, offers support for development

May 07, 2024 (MLN): The World Bank acknowledged Pakistan's commitment to economic reforms and reiterated its readiness to extend technical assistance and financial support to facilitate the country in achieving its developmental objectives.

According to a press statement released yesterday, Martin Raiser, the South Asia Regional Vice President (SARVP) of the World Bank, expressed this sentiment during a meeting with Muhammad Aurangzeb at the Finance Division.

The meeting was also attended by Country Director of the World Bank (WB) Najy Benhassine and senior officers from Finance and Economic Affairs Divisions.

The Finance Minister briefed Raiser on the macro-economic situation of the country and efforts of the Government for stabilization of the economy.

The Finance Minister outlined the Government’s priority reform areas including increasing the tax to GDP ratio, reducing the costs in energy sector, SOE reforms, privatization and human capital development.

The Finance Minister requested the World Bank Vice President to align country partnership framework of WB with the priority reform areas of the government.

Raiser acknowledged the request and stated that the World Bank Group will provide necessary support to the government in implementing its reform agenda in energy sector, boosting exports, microfinance, building climate resilience and social protection.

The meeting concluded with both sides reaffirming their commitment to strengthening the partnership for the betterment of Pakistan's economy and its people.

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