Shehbaz Sharif meets nine-member delegation of World Bank’s Executive Directors  Says institutional, economic reforms plan moving rapidly  World Bank delegation says Pakistan progressing fast under PM Shehbaz leadership.

ISLAMABAD  -  Prime Minister Shehbaz Sharif on Monday said that with the cooperation of the World Bank (WB) several key development projects were completed in Pakistan, which had been playing a vital role in the country’s progress.

The prime minister expressed these views during a meeting with the delegation of World Bank Executive Directors, says a press release issued by the PM Office Media Wing on Monday. The prime minister welcomed the delegation on their visit to Pakistan and said the partnership between the WB and Pakistan spanned over seven decades.

“Pakistan has greatly benefited from its partnership with the World Bank,” he said, adding the WB provided substantial assistance to the people affected by the 2022 floods in Pakistan.

The meeting was attended by Ministers Ahsan Iqbal, Ahad Khan Cheema, Sardar Owais Khan Leghari, Dr. Musadik Malik, Ministers of State Ali Pervaiz Malik and Shaza Fatima Khawaja, Prime Minister’s Coordinator Romina Khurshid Alam, Senator Sherry Rehman, Member of the National Assembly Nafisa Shah, Prime Minister’s Representative for the Polio Program Ayesha Raza Farooq, and other senior officials. The prime minister observed that recent Country Partnership Framework of the World Bank included an investment of $40 billion in Pakistan which was highly encouraging. With $20 billion allocated for various projects in health, education, youth development, and other social sectors, a new chapter of progress would begin in Pakistan, he added. The prime minister said that an additional $20 billion investment in Pakistan private sector under the International Finance Corporation (IFC) would accelerate the country’s economic growth.

Appreciating the WB trust in the government’s policies, he said Pakistan’s institutional and economic reform programme was moving rapidly. “The country’s economy is on the right path and moving towards growth,” the press release quoted the prime minister as saying. He also stressed that the sustainable economic development required further efforts. He said the credit for economic turns around went to the hard work of the government’s economic team. The prime minister observed that Pakistan’s exports and remittances were increasing and the reduction in interest rates was boosting investment in the production sector.

He further said that the government was introducing transparency in the system to control corruption.

Digitization remained a priority in the Federal Board of Revenue (FBR) reforms, he reiterated.

He said the power sector reforms aimed to ensure uninterrupted electricity supply and reduce losses.

“The Special Investment Facilitation Council (SIFC) has created an attractive environment for investment in Pakistan, functioning under a unique system involving all stakeholders,” he added.

The prime minister maintained rather than relying on loans, they prioritized investment and partnerships.

The delegation members praised Pakistan’s ongoing reform programme and its effective implementation.

The positive outcomes of the government’s ongoing reform initiatives were being felt as a promising development, the delegation noted. They said under the leadership of Prime Minister Shehbaz Sharif, Pakistan’s journey of economic reforms was progressing fast.

The delegation also appreciated the government’s reform measures in the energy, industrial and export sectors, privatization, revenue generation, and other key areas.

A nine-member World Bank Executive Directors delegation is currently visiting Pakistan, overseeing portfolios of various countries within the World Bank. The delegation will discuss economic development projects and investment opportunities in Pakistan.