Pakistan, World Bank agree on 10-year framework plan

Pakistan and the World Bank have concurred on the necessity of establishing a rolling country framework plan for 10 years. 

According to a press statement issued by the 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 privatisation.

The World Bank assured Pakistan of its full support for reforms and digitalisation programmes to stabilise the economy and enhance revenues. 

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

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

The minister informed that the government was encouraging innovative financing models to leverage private sector investment and PPP potential. 

He assured that the government was committed to extending all possible support to investment initiatives by any local/ foreign investors in Pakistan, the statement added.