ISLAMABAD: The World Bank has indicated that the joint efforts are targeting disbursements of around US$2 billion during the current financial year 2023-24, according to a press release.
This was stated by the Country Director World Bank, Najy Binhassine, during a meeting with caretaker Minister for Finance, Dr Shamshad Akhtar on Saturday.
They discussed and reviewed the overall performance of the World Bank’s ongoing portfolio in Pakistan. Different options were discussed to further expand collaboration in different priority areas to help boost the economic activities in the country.
World Bank official, Shamshad discuss economic situation
Dr Akhtar, while welcoming the World Bank’s team, reiterated that Pakistan values its development partnership with the World Bank. She appreciated the efforts of the World Bank’s management, especially the country team in Islamabad in the economic development of Pakistan.
Binhassine, while briefing the finance minister on the ongoing portfolio, indicated that the World Bank Management, in collaboration with the Ministry of Finance, is making efforts to not only improve the implementation performance of the ongoing portfolio but also to maximise the volume of disbursement of foreign resources.
The finance minister shared the reform agenda of the government and the ongoing efforts to stabilise the economy. She also informed that the Government of Pakistan is cognizant of the fact that implementation of reforms in the priority sectors, particularly in the energy sector, will allow Pakistan to unleash the growth potential, therefore, introducing policy reforms in this sector will remain the prime focus of the Government of Pakistan.
The country director briefed the finance minister on the progress under the RISE-II Development Policy Financing Programme, which has recently been negotiated by the World Bank with the EAD.
The finance minister commended the immediate support of the World Bank during the 2022-floods.
However, considering the enormous post-flood rehabilitation and reconstruction needs of the country, the finance minister asked the country director for extending further World Bank support to better cope with the emergency needs of the country.
Copyright Business Recorder, 2023