ISLAMABAD: Adviser to Prime Minister on Finance Miftah Ismail along with Water Resources Minister Syed Javed Ali Shah and State Finance Minister Rana Afzal held a meeting with visiting World Bank (WB) delegation here on Thursday.
The delegation led by WB South Asia Region Vice President Annette Dixon also included International Finance Corporation (IFC) Regional Vice President (Asia-Pacific) Snezana Stoiljkovic and World Bank in Pakistan Patchamuthu Illangovan Country Director.
Miftah Ismail apprised the visiting delegation of the current state of the economy and said that the policies pursued during the last four years had stabilised the economy and helped it to grow at a steady pace. He said Pakistan achieved a decade high growth rate of 5.3 per cent last fiscal year and was targeting 6 per cent growth in 2017-18.
He said that the government was laying great emphasis on tax reforms and broadening of the tax base. Miftah Ismail added that the current account has posed a challenge in the recent past, due to increased imports required in the expansionary phase. He said that the export enhancing measures have started to bear fruit and export growth will help narrow the trade deficit. Adviser finance further said that Pakistan had resolved the problem of energy shortages and now desired more investment in infrastructure development and would welcome World Bank’s support in this regard.
World Bank Vice President Annette Dixon while praising present government’s efforts for strengthening macroeconomic fundamentals over the last four years hoped Pakistan would maintain the momentum in future as well. She called for greater focus on the development of agriculture sector and sustainable water management.
Minister Rana Afzal on the occasion said regional trade, particularly with Iran and Afghanistan could help greater trade earnings for Pakistan and the government was making efforts in this regard.
IFC Regional Vice President Snezana Stoiljkovic on the occasion apprised the meeting about her interaction with private sector companies in Karachi including those related to the energy sector and banks. She said Pakistan has a vibrant private sector and mentioned IFC’s interest in supporting Pakistan Infrastructure Bank. She said higher private sector investment would greatly contribute to achieving higher economic growth.
Miftah Ismail and Annette Dixon reiterated continued Pak-World Bank cooperation for economic development in Pakistan in future.
