World Bank, Pakistan agree on need for 10-year rolling country framework plan: Finance Division

Pakistan Finance Minister Muhammad Aurangzeb shared progress on economic reforms during his meeting with Ajay Banga, the president of the World Bank Group, on Tuesday.

As per a statement released by the Ministry of Finance, Aurangzeb – on a trip to Washington to attend the spring meetings organised by the International Monetary Fund (IMF) and World Bank – highlighted Pakistan’s progress under the IMF’s 9-month Stand-By Arrangement (SBA) and ongoing reforms in priority areas of taxation, energy and privatization.

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“Both sides agreed on the need for a rolling Country Framework Plan for 10 years,” the statement added.

The ongoing $3-billion SBA program was inked last year in summer, and will expire this month. Pakistan is expected to receive the final tranche of $1.1 billion later in April.

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Islamabad has also initiated discussions with the global lender over a new multi-billion dollar loan agreement to support its economic reform programme.

Meanwhile, the World Bank President assured his full support for Pakistan’s reforms and digitalization programmes to stabilise the economy and enhance revenues. Moreover, Finance Minister invited the World Bank President to visit Pakistan.

Aurangzeb also separately met Masatsugu Asakawa, President of the Asian Development Bank (ADB), on Tuesday.

“Discussions focused on further strengthening Pakistan’s partnership with ADB, protecting country envelope of concessional financing and future project pipeline,” read the statement.

The finance minister also met with CEO, US International Development Finance Corporation (DFC) Scott Nathan.

“During the meeting, they explored ways for expansion of DFC’s investments in Pakistan following amicable resolution of outstanding issues,” read the statement.

“The minister informed that government was encouraging innovative financing models to leverage private sector investment and Public-Private Partnership (PPP) potential.”

Aurangzeb assured that the government remains committed to extending all possible support to investment initiatives by any local/ foreign investors in Pakistan.