World Bank official wants joint efforts to tackle macroeconomic challenges

ISLAMABAD: The government of Pakistan and the World Bank should continue to work together to deal with macroeconomic challenges and expansion of renewable energy for the long-term development of the country.

This was stated by Guangzhe Chen, World Bank’s South Asia Regional Director for Infrastructure who called on the Federal Minister for Economic Affairs, Sardar Ayaz Sadiq, Monday.

The minister for economic affairs welcomed the regional director World Bank to the ministry and appreciated the World Bank’s continuous support for Economic Development activities in Pakistan.

“The World Bank’s assistance has played and shall continue to play a vital role in the socio-economic uplift of Pakistan,” said Minister for Economic Affairs. He further expressed gratitude to World Bank for its flood relief assistance to the country. “We are extremely well-supported by World Bank’s team,” said the minister.

The South Asia Regional Director World Bank appreciated and highlighted the progress of the development projects.

He apprised that currently the World Bank portfolio in Pakistan comprises 54 projects worth $13.1 billion and highlighted the key development areas including infrastructure sector, building of roads and pipeline projects, affordable and clean renewable energy and climate-resilient infrastructure projects.

He further stated that the government of Pakistan and the World Bank should continue to work together to deal with macroeconomic challenges and expansion of renewable energy for the long-term development of the country.

He further apprised the minister that the World Bank is not only putting special focus on renewable energy development projects but also putting special focus on energy conservation activities to help overcome the energy demand.

The minister appreciated and assured complete assistance and facilitation to the World Bank’s team from the Ministry of Economic Affairs to help expedite the implementation of the development projects.

He assured the World Bank about the efficient distribution of funds and apprised him about the rigorous monitoring of foreign-funded projects through continuous meetings of the National Coordination Committee on Foreign-Funded Projects and Steering Committee for Coordination regarding International Assistance for Flood Relief Activities.

He further stated that the ministry is pushing the projects, especially those facing chronic delays so as to pace up implementation progress and disbursements and progress.

Moreover, he stated that he has also directed the Ministry of Law to help expedite the approval of agreements with the development partners to facilitate a quick process of approvals.

Copyright Business Recorder, 2022