World Bank President Paul Wolfowitz on Wednesday pledged funding for Pakistan's big dam projects, saying the new water reservoirs were inevitable for the country to sustain current growth rate.
He announced the new policy of his bank towards Pakistan's big dams at a joint press conference with Adviser to the Prime Minister Dr Salman Shah, at the conclusion of his four-day visit to Pakistan.
Wolfowitz said the World Bank did not favour the construction of big dams in the past due to their negative impact on environment but it was now ready to provide Pakistan technical and financial assistance for such projects in order to help it meet extra energy demand to sustain current growth rate.
He said the bank has scaled up funding for Pakistan and now it will get $1.5 billion per annum for its key sectors' development. The WB chief said Pakistan can utilise these additional resources for its key sectors ie health, education, drinking water and society-based development projects.
Wolfowitz termed quality education as the key to success in all areas and hoped that Islamabad will give it a top priority.
He said that the World Bank would also facilitate Pakistan in getting back its siphoned money and cited Nigeria's example in this regard, saying the bank helped the country get back money transferred to Swiss banks by its former military ruler.
Wolfowitz said corruption and transfer of ill-gotten money to other countries was not only restricted to Pakistan or any other specific third world country, rather, he added, it was a world-wide phenomenon haunting many developed countries as well. The WB chief maintained that it was the responsibility of the entire world to devise an effective strategy to curb the menace.
Wolfowitz said on the occasion that World Bank would provide funds for setting up industrial and commercial zones at Pak-Afghan border. Besides, these zones, the funds will be also spent on development of infrastructure near the border, he added.
The World Bank Chief said good governance is one of Pakistan's serious challenges and added that he had discussed the issue with the authorities and found them serious enough to tackle it on top priority basis.
Among other challenges for Pakistan, Wolfowitz listed sustainability of the current growth rate, passing on benefits of the government's economic development to the poor and reduction of poverty.
On the issue of controversy between India and Pakistan over water issues, he said the bank has appointed a neutral expert and his findings would set a base for resolution of the disputes. Wolfowitz added that India and Pakistan were important countries of the region and their good relations could help them have more resources for development and eradication of poverty to ensure better life to their people.
The World Bank chief noted that there was no question that because of heavy spending on defence, Pakistan cannot provide sufficient funds for its social sector development.
Dr Salman Shah on the occasion gave details of the WB chief's meetings with Pakistani authorities during his stay in Islamabad.
He said Wolfowitz is a good friend of Pakistan and his visit was of great significance for the country. The adviser said Wolfowitz's meetings in Islamabad covered all the important areas such as good governance, Pakistan's future strategy to sustain current growth rate and second-generation reforms, and many key initiatives were launched to develop infrastructure and power generation-related projects.
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