ISLAMABAD - Pakistan on Tuesday has asked the World Bank (WB) to provide technical and financial support to build digital infrastructure including fiber optics network and incubation centres for specialised training and certification of IT experts.
World Bank’s South Asia Regional Vice President (SARVP)Hartwig Schafer, , and Country Director Najy Benhassine, held separate meetings with Federal Minister for Finance and Revenue, Shaukat Fayyaz Ahmed Tarin and Federal Minister for Economic Affairs Omar Ayub Khan.
In the meeting the finance minister welcomed the World Bank’s South Asia Regional Vice President and acknowledged the significant contribution of the World Bank in the socio-economic development of the country since 1950s. He welcomed World Bank Group’s proposed $12 billion initiative to help developing countries procure Covid-19 vaccines to treat up to 1 billion people. The finance minister appreciated the pivotal role currently being played by the World Bank in strengthening governance and service delivery in Pakistan through institutional reforms being undertaken with the support of development partners.
The vice president thanked the finance minister for a warm welcome and said that World Bank greatly values its partnership with Pakistan and supports the reform agenda undertaken by the present government. He also acknowledged the efforts made by Pakistan for effective management of the Covid-19 crisis. He said that the WB is fully committed to providing assistance to the developing countries for the procurement of the Covid-19 vaccines and for the purpose; $150 million have been re-allocated for Pakistan by the Bank. The vice president also praised Pakistan’s commitment for cleaner and greener environment and said that the reform momentum had to be sustained in the country.
57 projects worth $12.9b are under implementation through WB’s financing in priority areas
During the meeting, there was a review of the progress on World Bank’s two ongoing programmes “Resilient Institutions for Sustainable Economy (RISE-II)”and “Programme for Affordable and Clean Energy (PACE)” as these programmes hold a central position in the government’s social and economic reform paradigm. It was observed that the programmes are progressing satisfactorily.
The finance minister shared with the World Bank team that Pakistan would welcome the knowledge of the World Bank team to promote the skills of the IT graduates in the country. The World Bank team conveyed their willingness for providing guidance and informed that the Bank was preparing an operation on digital economy with the Ministry of Information Technology. In his concluding remarks the finance minister thanked the delegation for World Bank’s continued guidance and collaboration on various development projects.
The minister for economic affairs has also appreciated the World Bank’s continued support to Pakistan. He shared that 57 projects worth $ 12.9 billion are under implementation under WB’s financing in the priority areas such as education, health, social protection, finance, agriculture, energy and communication across the country. During the outgoing fiscal year, the government signed sixteen (16) projects worth $ 3.64 billion with World Bank. The minister also appreciated the World Bank for its global initiative amounting to $ 12 billion to help developing countries for procuring Covid-19 vaccines. He highlighted that Pakistan’s efforts to curtail the Covid-19 pandemic through smart lock down approach and addressing the socioeconomic challenges through fiscal stimulus package under the Prime Minister Imran Khan’s vision of lives and livelihoods is being highly recognised and appreciated by the global community.
While discussing the future interventions, the minister for economic affairs emphasised on enhanced connectivity in rural areas though improved road and digital networks. Rural roads connectivity is one of the key components for rural development. An efficient and reliable rural road network promotes access to social services such as health facilities and educational institutions and enhanced economic opportunities through increased agricultural income and employment. Similarly, cold storage is crucial to control the post harvest losses and price fluctuations of perishable commodities. The minister for economic affairs also highlighted that Pakistan has huge potential to enhance its IT exports. The minister proposed that World Bank may provide technical and financial support to build digital infrastructure including fiber optics network and incubation centres for specialised training and certification of IT experts.
World Bank Vice President, Hartwig Schafer appreciated the government’s economic policies and reform agenda. He further emphasised on timely completion of the ongoing policy reforms and development projects. He also commanded the efforts of Ministry of Economic Affairs to resolve long outstanding bottlenecks and expedite the project implementation on fast track basis which is evident from the enhanced disbursement during the last fiscal year.
The World Bank team also discussed the next 5-year Country Partnership Framework (2022-2026) which focuses on girls and boys’ education, growing healthy, green and clean Pakistan, growth and governance (5G). Hartwig Schafer assured the Bank’s support to the government of Pakistan in achieving economic growth and sustainable development.