BRUSSELS (Reuters) Pakistan needs funds for at least one year of reconstruction after its devastating floods, but in turn it must assure donors it will revamp tax and subsidy regimes, a senior World Bank official said on Friday. What is important is to pledge at least the entire amount that is needed for the first eight-to-12 months. ... That cannot wait, Rachid Benmessaoud, World Bank country director for Pakistan, told Reuters in an interview. Such initial funding could help to rebuild livelihoods and put cash into rural economies as villagers return to the flood-hit plains. But a donors conference scheduled for next month should also present the opportunity to secure the balance of support needed for reconstruction, Benmessaoud said. Benmessaoud was speaking on the sidelines of a meeting of the Friends of Democratic Pakistan, attended by including ADB and IMF officials and ministers from European Union countries. The World Bank wants assurances from Pakistan that it will put in place macroeconomic reforms, revamping its fiscal regime and cutting subsidies to a derelict power sector that last year amounted to about $2.5 billion. There is a demand from the international community ... that Pakistan has to do its bit, mobilising resources before it can expect donors to pitch in, Benmessaoud said. Pakistan must tax the rich who are not paying taxes at the moment, he said, adding: There needs to be better competition in the power sector. When you reduce subsidies to the power sector then you can put more girls in school. His comments echoed those of U.S. Secretary of State Hillary Clinton, who said on Thursday it was absolutely unacceptable that Pakistans wealthy were not contributing more to flood relief, while the country was being helped by foreign taxpayers. Benmessaoud rejected calls for Pakistans $55 billion foreign debt to be forgiven. We have a triple-A rating which is essential ... and we need to maintain it. Therefore we cannot on our side do the debt write-off. But the economy of Pakistan has a lot of opportunity for efficiency gains, he said. Donations should focus on agricultural areas rich in such efficiency potential. Support for Pakistans textile sector a source of foreign reserves and employment is also important, Benmessaoud said. Private public partnerships would help. Why not invest in Pakistan? This is something that has been reiterated ... for companies to invest in Pakistan, he said.