World Bank appreciates efforts toward economic turnaround

ISLAMABAD: The World Bank has recognised the efforts of the government towards economic turnaround, reducing expenditures, practicing austerity and initiating reforms in critical sectors of the economy.

Prime Minister Imran khan on Thursday received president World Bank group Mr David Malpass who arrived today on a two-day visit.

World Bank’s Regional VP South Asia Mr Hartwig Schafer, Regional VP International Finance Commission (IFC) Ms Snezana Stolijkovic, Regional VP Equitable Growth, Finance and Institutions (EFI) Ceyla Pazarbasioglu-Dutz, and Country Director World Bank Pakistan Mr Patchamuthu Illangovan were also present.

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The prime minister appreciated World Bank’s financial and technical support to Pakistan. He reiterated the government’s resolve towards strengthening of economy, ensuring transparency and good governance, institutional reforms, tax reforms and socio-economic development of the marginalised sections of society.

He said that ease-of-doing business, enhancing tax base, domestic resource mobilization, attracting foreign investment and financial reforms agenda s the foremost priority of the government.

PM Khan apprised that the government has launched various initiatives aimed at welfare of the youth, poverty alleviation and housing sectors that will ultimately result in economic development.

President World Bank Mr David Malpass appreciated the prime minister for personally spearheading various flagship programs of the government.

He also recognised the efforts of the government towards economic turn-around, reducing expenditures, practicing austerity and initiating reforms in critical sectors of the economy.

He said that there was substantial progress in economic indicators despite global and internal fiscal challenges.

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Later, a round-table conference was also held wherein detailed discussions were held on issues related to energy sector and reforming tax regime of the country.

Minister for Economic Affairs Hammad Azhar highlighted overall reform agenda of the government and the efforts being made for economic turn-around.

Adviser Finance Dr Abdul Hafeez Sheikh gave an overview of the achievements made by the government during last one year. He also underlined the efforts made by the government to stabilise the economy back to the path of growth.

He said that there was a considerable progress this year on exports, containing fiscal and current account deficits, revenue collection, restricting expenditures and exchange rate stabilisation.

Minister for Power Mr Omar Ayub Khan and Special Assistant to the Prime Minister on Energy Mr Nadeem Babar shared the strategy of the government to overcome the issues related to energy sector including circular debt and efforts being made to diversify energy-mix with greater reliance on alternate and renewable energy resources