ISLAMABAD - World Bank on Tuesday has said it was ready to support the reform plans of the new government in Pakistan that are needed to stabilize the economy and accelerate growth to end poverty and boost prosperity.
The commitment was made by the World Bank's newly appointed Vice President for the South Asia Region, Hartwig Schafer, when he met with the government and key counterparts to discuss Pakistan's development priorities and reform agenda. "The visit gave me an opportunity to learn more about how we support millions of people in Pakistan, especially the youth, through investments in health, nutrition, education, skills and the digital economy," said Schafer.
During his two-day stay in Islamabad, Schafer met with Finance Minister Asad Umar, Foreign Minister Shah Mehmood Qureshi and Razzak Dawood, Advisor, Commerce, Textile, Industry and Production, and Investment. He also held discussions on digital disruption and regional connectivity and trade with stakeholders from the private sector and civil society.
"I am impressed to learn of the Government of Pakistan's plans for investing in human capital and creating jobs, attracting investments through ease of doing business and better regional connectivity, improving infrastructure and services in Karachi, and strengthening the management of water and the environment," said Schafer. "We look forward to engaging the Federal and Provincial Governments and providing support to implement urgent reforms needed to stabilize the economy and achieve accelerated growth in the medium term."
The vice president felicitated the Foreign Minister on assumption of office as well as the formation of new government. Views were exchanged on matters of significance to the new government including education, agriculture and rural development with special emphasis on regional connectivity as well as World Bank's collaboration in CASA-1000 and Khyber Pass Economic Corridor (Peshawar-Torkhum-Kabul Motorway).
World Bank agreed to collaborate with the Agriculture Task Force for reformation and restructuring of the Agriculture sector. In addition they also discussed challenges to the Indus Water system due to construction of reservoirs and to address these issues through the good offices of the World Bank.
The foreign minister thanked the World Bank for its continued support to Pakistan since 1952. He solicited the Bank's support for development priorities of the new government. Foreign Minister also shared Prime Minister's vision of a "peaceful neighbourhood". The vice president assured the Bank's support for the economic development, role in resolution of challenges to Indus Water treaty and reformation of agriculture sector in line with the vision of the new government.