- Dr Kim offers WB’s technical, financial help to Pakistan in renewable energy sector
Acknowledging the role being played by the World Bank in resolving the water disputes with India, Federal Minister for Finance and Economic Affairs Senator Muhammad Ishaq Dar on Monday urged the international financial institution to expedite the process.
Senator Dar called on World Bank President Dr Jim Yong Kim at Washington. They discussed in detail the bank’s portfolio in Pakistan. An official statement said that the minister acknowledged the role being played by the World Bank for resolving disputes under the Indus Waters Treaty and urged expediting the process.
He said that the resolution of the issue would lead to water security in the South Asian region. Pakistan and India were scheduled to meeting in early April under the aegis of the World Bank in Washington to resolve the issue of storage and diversion of water in the under construction hydel projects in Indian-held Kashmir on the tributaries of rivers Chenab, Jhelum and Indus.
After acceding to the World Bank resolution of the Indus Water Treaty, India held bilateral parleys with Pakistani officials last month in Islamabad. The members of the Permanent Indus Water Commission discussed the resolution of the controversial hydel power in the Indian-held Kashmir. Later on, for unknown reasons India refused to hold parleys in Washington.
Senator Dar apprised Dr Kim about the improvement in the macro-economic situation in the country which had been acknowledged and appreciated by the international financial institutions. Pakistan’s economy was set to grow by over five percent in the fiscal year ending in June 2017, he added.
He said that the focus was now on making the growth inclusive and sustainable. For the purpose, the government was also focusing on the social sectors. Innovative measures, including Pakistan Development Fund and the Pakistan Infrastructure Bank, were being undertaken to maintain the higher growth trajectory.
The World Bank president congratulated the finance minister on successful completion of the IMF programme and hoped that Pakistan would continue with the reforms process to sustain the higher growth trajectory. He opined that Pakistan could further benefit from technological improvements in the renewable energy sector. He offered World Bank’s technical and financial help in this regard.
Senator Dar highlighted the potential for the hydro power generation and water storage in the country and requested the World Bank’s support in undertaking hydro power projects on the Indus river cascade. Dr Kim assured the bank’s continued support for projects like Dasu and Tarbela as well as other hydropower projects.
In Washington, the finance minister also met with International Monetary Fund (IMF) Deputy Managing Director Mitsuhiro Furusawa and apprised him about Article IV consultations held in Dubai recently. Senator Dar also informed him about the macro-economic situation in the country and highlighted the steps being taken by the government to achieve a higher growth trajectory on an inclusive and sustainable basis.
He appreciated IMF’s support and help for Pakistan. On his part, Furusawa congratulated Senator Dar on the successful completion of the IMF programme. He appreciated the reform programme which had stabilised the economy and put it on a higher growth trajectory.
The finance minister was accompanied on the occasion by the Sstate Bank of Pakistan governor, finance secretary and EAD secretary while IMF’s Mission Chief for Pakistan Harald Finger was also present.