World Bank briefed about challenges facing Pakistan

ISLAMABAD: Federal Minster for Finance and Revenue Miftah Ismail held a meeting with Hartwig Schafer, Vice President South Asia Region (SAR), World Bank, today, said a press release issued on Tuesday.

Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, Country Director WB Najy Benhassine, Acting Governor SBP Dr Murtaza Syed, Secretary Finance, Secretary Power Division, Secretary EAD, Chairman FBR, and other senior officers attended the meeting.

The finance minister welcomed Hartwig Schafer and shared that country is currently facing monetary and fiscal challenges due to rising global commodity prices. The present government is cognizant of these issues and is taking pragmatic steps to resolve bottlenecks to growth. The present government is committed to set the economy on sustainable and inclusive growth path.

Finance Minister Miftah Ismail shared that upcoming budget aims at bringing in the fiscal consolidation and improving the overall resilience of the economy. For this reason, government is planning to provide various relief measures for protecting the vulnerable segments of the society.

The finance minister further stated that present government will introduce reforms in priority areas to address fiscal deficits. In this context, two programs of World Bank named Resilient Institution for Sustainable Economy (RISE-II) and Program for Affordable and Clean Energy (PACE-II) hold a central position in the reform agenda of government.

Floating solar project: World Bank invites Pakistan to hold talks on $341.5m loan

Hartwig Schafer shared his insights about the reforms initiatives proposed by the World Bank. These programs not only ensure sustainable growth but also work as effective shock absorbers in case of any economic crisis. He appreciated the resolve of the Government of Pakistan in overcoming the economic challenges.

Key areas discussed in the meeting included macro-economic situation of the country, fiscal responsibility and debt limitation laws, and financial sustainability of the power sector.

The finance minister thanked the VP, World Bank and acknowledged the significant contribution of the World Bank in the socioeconomic development of country.

The finance minister also emphasized that the World Bank’s continued support will be critical to reforms being pursued by the government of Pakistan.

Hartwig Schafer assured his full support to Government of Pakistan in the implementation of the government’s reform agenda and the projects funded by the World Bank.

Copyright Business Recorder, 2022