The World Group is targeting USD 2 billion in development spending in Pakistan over the current fiscal (FY 2023-24), a top official of the global development lender said here Saturday.
World Bank Country Director Najy Binhassine called on the caretaker government’s economy czar Dr. Shamshad Akhtar.
Akhtar – who is Prime Minister Anwar ul Haq Kakar’s Minister for Finance, Revenue, Economic Affairs and Privatization – while welcoming the World Bank team, reiterated that Pakistan values its development partnership with the Bank.
She appreciated the efforts of the World Bank management, especially the country team in Islamabad in the economic development of Pakistan.
The two dignitaries discussed and reviewed the overall performance of the Bank’s current portfolio in Pakistan, and several options were discussed to further expand collaboration in different priority areas to help boost the economic activity in the country.
Briefing the Finance Minister on the portfolio of ongoing projects, Binhassine indicated that the World Bank Management, in collaboration with the Ministry, is striving to not only improve the implementation performance of the ongoing portfolio but also to maximise the volume of disbursement of foreign resources.
He indicated that the joint efforts are targeting disbursements of around US$2.0 billion during the current financial year, i.e., 2023-24. The Finance Minister shared the reform agenda of the government and the ongoing efforts to stabilise the economy.
She said the government understands that implementation of reforms in the priority sectors, particularly in the energy sector, will allow Pakistan to unleash its growth potential. This is why introducing policy reforms in this sector will remain Pakistan’s prime focus.
The Country Director briefed the Finance Minister on the progress under the RISE-II Development Policy Financing Program, which has recently been negotiated by the World Bank with EAD.
