WB assures support for reforms, digitalization programmes

ISLAMABAD: The World Bank (WB) has assured Pakistan of its full support for reforms and digitalization programmes to stabilize economy and enhance revenues.

According to A press statement issued by finance ministry here, Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with President World Bank Group, Ajay Banga and highlighted Pakistan’s progress under the 9-month Standby Arrangement (SBA) program and ongoing reforms in priority areas of taxation, energy and privatization.

Both sides agreed on the need for a rolling Country Framework Plan for 10 years, the statement said adding the minister also invited the President to visit Pakistan.

Meanwhile, the minister met with President of the Asian Development Bank (ADB), Masatsugu Asakawa and discussed further strengthening Pakistan’s partnership with ADB, protecting country envelope of concessional financing and future project pipeline.

The finance minister also met with Chief Executive Office, U.S. International Development Finance Corporation (DFC) Scott Nathan. During the meeting, they explored ways for expansion of DFC’s investments in Pakistan following amicable resolution of outstanding issues.

The minister informed that government was encouraging innovative financing models to leverage private sector investment and PPP potential. He assured that Government was committed to extending all possible support to investment initiatives by any local/ foreign investors in Pakistan, the statement added.