The World Bank (WB) has pledged its unwavering support to Pakistan’s efforts in implementing reforms and digitalization programs aimed at stabilizing the economy and boosting revenues.
In a press statement released by the finance ministry, Federal Minister for Finance and Revenue, Muhammad Aurangzeb, held discussions with President of the World Bank Group, Ajay Banga, highlighting Pakistan’s advancements under the 9-month Standby Arrangement (SBA) program and the ongoing reforms in key areas such as taxation, energy, and privatization.
Both parties agreed on the necessity of developing a rolling Country Framework Plan spanning over a decade, with the minister extending an invitation to the President to visit Pakistan.
Furthermore, the minister engaged in talks with President of the Asian Development Bank (ADB), Masatsugu Asakawa, focusing on bolstering Pakistan’s collaboration with ADB, safeguarding the country’s concessional financing, and planning for future project pipelines.
In another meeting, the finance minister met with the Chief Executive Officer of the U.S. International Development Finance Corporation (DFC), Scott Nathan. They explored avenues for expanding DFC’s investments in Pakistan following the amicable resolution of outstanding issues.
The minister affirmed the government’s commitment to promoting innovative financing models to attract private sector investment and tap into the potential of public-private partnerships (PPPs). He assured that the government stands ready to provide all necessary support to investment initiatives by both local and foreign investors in Pakistan.
