Pakistan, World Bank discuss disbursement of $2 b during current
financial year
During a meeting between World Bank Country Director for
Pakistan Najy Benhassine and Caretaker Minister for Finance Dr. Shamshad
Akhtar, it was indicated that concerted efforts are focused on disbursing
approximately $2.0 billion during the current financial year. This information
was conveyed in a statement released by the Ministry of Economic Affairs.
The participants in the meeting discussed and assessed the
overall performance of the World Bank's ongoing portfolio in Pakistan. The
statement also highlighted that various possibilities were explored to enhance
collaboration in different priority areas to stimulate economic activities in
the country.
Pakistan,
World Bank to bolster digital economy and entrepreneurship
Finance Minister Dr. Shamshad Akhtar reiterated Pakistan's
appreciation for its development partnership with the World Bank. She praised
the World Bank's management, particularly the country team in Islamabad, for
their efforts in supporting Pakistan's economy.
Najy Benhassine, the World Bank Country Director, informed the
finance minister about ongoing efforts to improve the implementation
performance of the current portfolio and increase the disbursement of foreign
resources. He mentioned that the World Bank Management is collaborating with
the Ministry of Finance, Revenue, Economic Affairs, and Privatization in this
regard.
The finance minister also discussed the government's reform
strategy and ongoing initiatives aimed at stabilizing the economy. She
emphasized that Pakistan's government recognizes the importance of implementing
reforms in priority sectors, particularly the energy sector, to unlock the
country's full economic growth potential. Therefore, introducing policy reforms
in this sector remains a top priority for the government.
The statement further noted that "The Country Director
briefed the Finance Minister on the progress under the RISE-II Development
Policy Financing Program, which has recently been negotiated by the World Bank
with EAD."
Dr. Shamshad Akhtar also expressed gratitude to the World Bank
for its swift assistance during the 2022 floods. She urged the Country Director
to increase World Bank funding to better address Pakistan's urgent needs,
especially in light of the significant requirements for post-flood
rehabilitation and reconstruction.
Source: Business Recorder