A delegation of World Bank executive directors on Monday highlighted the fast progress of Pakistan’s economic reforms under the leadership of Prime Minister Shehbaz Sharif.
The remarks came during a meeting between PM Shehbaz and the nine-member WB delegation, which is visiting Pakistan after a 20-year hiatus.
The delegation noted that the positive outcomes of the government’s ongoing reform initiatives are being felt, marking a promising development.
During the meeting, PM Shehbaz emphasized that, with the cooperation of the WB, several key development projects were completed in Pakistan, playing a vital role in the country’s progress, according to a statement from the Prime Minister’s Office.
The Prime Minister welcomed the delegation on their visit to Pakistan, noting that the partnership between the WB and Pakistan spans over seven decades.
“Pakistan has greatly benefited from its partnership with the World Bank,” he said, adding that the WB provided substantial assistance to the people affected by the 2022 floods in Pakistan.
PM Shehbaz also pointed out that the recent Country Partnership Framework from the WB includes an investment of $40 billion in Pakistan, which is highly encouraging.
$40 Billion Investment
He mentioned that $20 billion allocated for various projects in health, education, youth development, and other social sectors would mark the beginning of a new chapter of progress in Pakistan.
The Prime Minister added that an additional $20 billion investment in Pakistan’s private sector under the International Finance Corporation (IFC) would accelerate the country’s economic growth.
He praised the WB’s trust in the government’s policies, stating that Pakistan’s institutional and economic reform program is advancing rapidly.
“The country’s economy is on the right path and moving towards growth,” the Prime Minister added.
He further stressed that sustainable economic development would require more efforts. The Prime Minister attributed the credit for the economic turnaround to the hard work of the government’s economic team.
He noted that Pakistan’s exports and remittances are increasing, and a reduction in interest rates is boosting investment in the production sector.
PM Shehbaz also mentioned that the government is introducing transparency to control corruption.
Digitization remains a priority in the Federal Board of Revenue (FBR) reforms, he reiterated.
He also mentioned that power sector reforms aim to ensure an uninterrupted electricity supply and reduce losses.
“The Special Investment Facilitation Council (SIFC) has created an attractive environment for investment in Pakistan, functioning under a unique system involving all stakeholders,” he added.
Shehbaz maintained that, rather than relying on loans, they have prioritized investment and partnerships.
The WB delegation members praised Pakistan’s ongoing reform program and its effective implementation.
The delegation also appreciated the government’s reform measures in the energy, industrial, and export sectors, privatization, revenue generation, and other key areas.
The nine-member WB delegation is currently visiting Pakistan, overseeing portfolios of various countries within the World Bank. The delegation will discuss economic development projects and investment opportunities in Pakistan.
