World Bank’s Support Critical to Govt’s Reform Agenda: Miftah

Federal Minister for Finance and Revenue Miftah Ismail has emphasized that the continued support of World Bank is critical to reforms being pursued by the government. The minister held a meeting with Hartwig Schafer, Vice President South Asia Region (SAR), World Bank on Tuesday. He welcomed Schafer and shared that country is currently facing monetary and fiscal challenges due to rising global commodity prices. He said that the present government is cognizant of these issues and is taking pragmatic steps to resolve bottlenecks to growth. The present government is committed to setting the economy on a sustainable and inclusive growth path. Miftah shared that the upcoming budget aims at bringing in fiscal consolidation and improving the overall resilience of the economy. For this reason, the government is planning to provide various relief measures for protecting the vulnerable segments of society. The minister further stated that the present government will introduce reforms in priority areas to address fiscal deficits. In this context, two programs of the World Bank named Resilient Institution for Sustainable Economy (RISE-II) and Program for Affordable and Clean Energy (PACE-II) hold a central position in the reform agenda of the government. Schafer shared his insights about the reform initiatives proposed by the World Bank. These programs not only ensure sustainable growth but also work as effective shock absorbers in case of any economic crisis. He appreciated the resolve of the Government of Pakistan in overcoming the economic challenges. Key areas discussed in the meeting included the macro-economic situation of the country, fiscal responsibility and debt limitation laws, and financial sustainability of the power sector. The finance minister thanked the VP of the World Bank and acknowledged the significant contribution of the World Bank to the socio-economic development of the country. Schafer assured his full support to the government in the implementation of the reform agenda and the projects funded by the World Bank. Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Country Director WB Najy Benhassine, Acting Governor SBP Dr. Murtaza Syed, Secretary Finance, Secretary Power Division, Secretary EAD, Chairman FBR and other senior officers attended the meeting.