World Bank President Dr Jim Yong Kim called on Prime Minister Muhammad Nawaz Sharif at the PM House on Tuesday.
The prime minister said during his meeting with the World Bank president that his government believes in liberal and private sector driven economy.
“Our efforts are aimed at ensuring ideal business environment for the private sector as governments are not meant to do business,” the prime minister said. “When the private sector is adequately facilitated, the business benefits reach the entire country; when the governments start doing businesses then huge losses are incurred in the shape of subsidies.”
The prime minister praised the support of World Bank in Pakistan’s economic growth and resuming policy lending after the assumption of office by the present government. The policy based loans would go a long way in helping the government implement its reform agenda and further improve the business environment in Pakistan, the prime minister added.
Prime Minister Sharif said that the government is making all-out efforts to bring improvements in every sector of the economy including development of mega-hydropower projects, rail and road infrastructure, education and health. The assistance of World Bank for Dasu Hydropower Project and Tarbela-IV Extension Project will help the government in improving the energy mix and reducing dependence on expensive fuels, the prime minister said.
Dr Jim Yong Kim expressed full support for the government’s tough economic decisions and said that WB supports the structural reform agenda.
“I can recall our first meeting when I had shared my worries about Pakistan’s security, energy and macroeconomic stability,” the World Bank president said. “Let me state that under your leadership, Pakistan has witnessed phenomenal improvements in all three sectors and we support your endeavours.”
Dr Kim applauded the prudent economic policies of the government, saying that Pakistan’s economic outlook has become stable which is the result of ardent efforts of the country’s financial team. Pakistan is now on the path of increased economic growth and prosperity, he added.
The World Bank president said that the country’s important strategic location between the world’s two largest consumers markets offers unique opportunities to Pakistan for further economic development. Dr Kim admired the government’s projects aimed at achieving better regional connectivity and cooperation.
The visiting delegation also included World Bank South Asia Region Vice President Annette Dixon, Global Client Services IFC Vice President Dimitris Tsitsiragos, Equitabale Growth Vice President Jann Walliser and World Bank’s Country Director for Pakistan Patchamuthu Illangovan.
Minister for Finance Muhammad Ishaq Dar, State Bank of Pakistan Governor Ashraf Wathra, the finance secretary and other senior government officials were present during the meeting.
