Pak-WB discusses government development priorities

ISLAMABAD: Pakistan and World Bank on Monday discussed the development priorities of the government of Pakistan for next five years and to seek guidance and views of Minister for Economic Affairs.

Minister for Economic Affairs, Makhdum Khusro Bakhtyar held a consultative meeting with Country Director World Bank Pakistan, Najy Benhassine in Ministry of Economic Affairs, said a press release issued by Ministry of Economic Affairs here.

The meeting was aimed to discuss the development priorities of Pakistan for the next five years and also to appropriately accommodate those priorities in the next World Bank Country Partnership Strategy for the period Fiscal Year (FY) 2022-26.

The Country Director World Bank informed that the World Bank Group (WBG) has initiated the process of preparing a new Country Partnership Framework (CPF) for Pakistan that would outline its strategic support in the country for the next five years starting from FY 2022.

He shared that WB had started countrywide consultations with key stakeholders, including government, parliamentarians, private sector, civil society organizations and development partners to gather diverse views from stakeholders on Pakistan’s economic and social challenges and the ways in which the World Bank Group can support the government in addressing these challenges.

During the meeting, the Country Director World Bank shared that the next World Bank Pakistan Country Partnership Framework would broadly focus on four strategic areas i.e. education, health, environment and growth and improved governance as an enabler.

The Minister for Economic Affairs highlighted the need to focus more on the basics where Pakistan critically lags e.g. human capital, poverty alleviation, stunting, revenue mobilization and economic reforms etc.

He also emphasized on avoiding thin spreading of resources and focus concentrating resources on priority areas for achieving greater impact.

The Minister for Economic Affairs also shared with the Country Director that the government desires to enhance the role of private sector and for that private sector will be encouraged to take lead in economic development of the country.

The meeting was also attended by Secretary, Ministry of Economic Affairs, Operations Officers of World Bank and IFC.

Minister for Economic Affairs, Makhdum Khusro Bakhtyar, thanked the World Bank Team for extending their continuous support to the Government of Pakistan in achieving sustainable economic development in the country.

The Country Director, World Bank ensured their continuous support to Government of Pakistan in achieving the priority development objectives.