A delegation of the World Bank led by its Director Satu Kristina Kahkonon met Finance Minister Ishaq Dar on Friday.
Welcoming the delegation, Minister Finance Minister Ishaq Dar thanked the World Bank for approving Country Partnership Strategy (CPS 2015-19) which is aligned with the government’s economic development agenda/priorities – transforming the energy sector; supporting private sector development, reaching out to the vulnerable/poor; and leveraging regional markets. He also appreciated the Bank for approving financing of CASA-1000 and Dasu Hydro Power Projects for Pakistan, which will help reduce electricity shortages and play a vital role in economic growth of the country. The minister acknowledged Bank’s support of US$1 billion for Development Policy Credits for fiscally sustainable and inclusive growth and Pakistan’s first power sector reform development policy financing.
The minister on this occasion expressed commitment for continuous reforms in the areas of energy, taxation and revenue mobilisation, private and financial sector development, financial inclusion, secured transactions framework, and expansion of social protection. He also appreciated effective administration of Multi-Donor Trust Fund (MDTF) for Khyber Pakhtunkhwa/FATA and Balochistan. The minister said Pakistan looked to WB’s support on energy sector development and construction of Diamer-Bhasha Dam.
The visiting delegation felicitated Finance Minister Dar and his whole economic team on the successful 4th-5th review with the IMF and launch of Sukuk, Islamic Bonds, bringing strength to the national economy. The delegation also congratulated Ishaq Dar on the headway made regarding the CASA-1000 during his visit to the USA. Director Satu Kristina said it was all a reflection of the effective economic policies adopted by the present government. “It is indeed a tribute to the government’s commitment to reform,” remarked Rachid Benmassoud, Country Director, World Bank, who accompanied Satu Kiristina on the occasion. He said it sends a positive signal to the economic market.
Satu Kahkonon remarked that with Pakistan achieving the 15 billion dollar forex reserves mark will become IBRD partner. She also referred to the meeting between MD World Bank, Sri Mulyani Indrawati and Prime Minister Nawaz Sharif where the former delivered a WB president’s letter to PM Nawaz Shairf reiterating support to Pakistan with regard to flood affectees and IDPs besides offering assistance for polio and other immunisation programmes in Pakistan. Director Satu Kahkonon hoped for active interaction between Pakistan and the WB aiming at future cooperation.
