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WB hails Pakistan for economic recovery, policy reforms

15 اکتوبر 2021
During the meeting, Pakistan’s recent economic recovery amid COVID-19 waves was also appreciated. Reuters
During the meeting, Pakistan’s recent economic recovery amid COVID-19 waves was also appreciated. Reuters

The World Bank Managing Director Axel van Trotsenburg Thursday commended the efforts of the government of Pakistan for economic recovery and policy reforms.

A high-level Pakistani Delegation comprising of Minister for Economic Affairs Omar Ayub Khan, Minister for Finance and Revenue Shaukat Tarin, Minister for Energy Hammad Azhar and other senior officials held a meeting with the World Bank managing director on the sidelines of WBG/IMF Annual Meetings 2021, according to a press release.

Ayub appreciated the World Bank’s continued support to Pakistan.

He shared that 58 WB-funded projects worth US$ 13 billion are under implementation in the priority development areas including economic reforms, finance, energy, communication, education, health and social protection across the country.

In FY 2020-21, the government of Pakistan signed 16 projects amounting to US$ 3.64 billion with the World Bank.

The minister also appreciated the World Bank for its global initiative amounting to US$ 12 billion to help developing countries for procuring COVID-19 vaccines.

Under WB’s financing of $153 million, Pakistan is procuring Pfizer Vaccine for its citizens.

The minister for economic affairs emphasized on the importance of enhanced connectivity through improved roads and digital networks.

Rural Roads Connectivity is one of the key components for rural development. An efficient and reliable road network promotes access to social services such as health facilities and educational institutions and enhanced economic opportunities through increased agricultural income and employment, especially in rural and remote areas.

During the meeting, Pakistan’s recent economic recovery amid COVID-19 waves was also appreciated.

It was further highlighted that Pakistan’s exports, especially in textile and information technology sectors, are performing well which would help to achieve export target for the FY2021-22.

Axel van Trotsenburg commended the efforts of government of Pakistan for economic reforms.

The World Bank team appreciated the government’s efforts for energy sector reforms including Circular Debt Management and Integrated Generation Capacity Expansion Plan.

Axel also appreciated the efforts of government of Pakistan’s for supporting evacuation of World Bank’s Staff from Kabul.

Both sides agreed to enhance technical and financial cooperation for socioeconomic development in line with the government’s development priorities.

During his visit to USA, Tarin also met his Turkish counterpart Lutfi Elvan. Both leaders agreed to further strengthen and diversify bilateral economic and commercial cooperation between the two countries.

Tarin along with his team also held a meeting with World Bank Vice President Hartwig Schaffer.

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