ISLAMABAD: World Bank has reportedly stressed need for collaborative efforts to ensure disbursement of $ 2 billion during current fiscal year. Amount to be disbursed in programme and project loans, according to sources, has been made conditional to ability of federal and provincial governments to deliver upon agreed points.

It includes improving credibility of fiscal policy by establishing effective institutions and intergovernmental coordination mechanisms, enhancing debt transparency and management, broadening tax base and reducing distortions in tax policy and improving financial viability of energy sector through resolution of circular debt.

According to Economic Affairs Division (EAD), World Bank Country Director Najy Benhassine held meeting with caretaker Finance Minister Dr Shamshad Akhtar, during which they assessed overall performance of World Bank's ongoing portfolio in Pakistan. Various other options were explored to expand collaboration in priority areas, with aim to stimulate economic growth within country.

Dr Akhtar reiterated that Pakistan valued its development partnership with Bank. She appreciated efforts of World Bank management, especially country team in Islamabad, in economic development of Pakistan.

Benhassine indicated that World Bank Management in collaboration with Pakistan's Ministry of Finance, Revenue, Economic Affairs and Privatisation was making efforts to not only improve implementation performance of ongoing portfolio but also to maximise volume of disbursement of foreign resources.

He indicated that joint efforts are targeting disbursements of around $ 2 billion during current financial year 2023-24. She shared reform agenda of government and ongoing efforts to stabilise economy.

Published in The Daily National Courier, September, 11 2023

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