WB vows complete backing for Pakistan’s economic stabilization reforms

ISLAMABAD: The World Bank has pledged full support to Pakistan for economic stabilization and revenue enhancement through reforms and digitalization programs.

Federal Minister for Finance and Revenue, Muhammad Aurangzeb, discussed Pakistan’s progress under the 9-month Standby Arrangement (SBA) program and ongoing reforms with President World Bank Group, Ajay Banga.They highlighted priority areas such as taxation, energy, and privatization.

Both parties agreed on the necessity of a rolling Country Framework Plan for 10 years, and the minister invited the President to visit Pakistan.

Meanwhile, the minister met with President of the Asian Development Bank (ADB), Masatsugu Asakawa and discussed further strengthening Pakistan’s partnership with ADB, protecting country envelope of concessional financing and future project pipeline.

The finance minister also met with Chief Executive Office, U.S. 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.

The minister informed that government was encouraging innovative financing models to leverage private sector investment and PPP potential.

He assured that Government was committed to extending all possible support to investment initiatives by any local/ foreign investors in Pakistan, the statement added.


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