ISLAMABAD: World Bank (WB) Country Director Najy Benhassine called on Minister for Planning, Development and Special Initiatives Professor Ahsan Iqbal and discussed the measures Pakistan was taking to achieve economic growth and transformation of governance.
During the meeting, the minister informed the WB official that Pakistan was following a home grown agenda to develop an export led strategy, while talking about the importance of an IMF backed reform agenda to accelerate the country’s economic growth, a news release said on Saturday.
Under this agenda, he said private sector investments would be prioritized to become the engines of growth.
Since Pakistan’s economy has been struggling with stability, Ahsan Iqbal emphasized that the new economic agenda would help achieve sustained growth.
The Country Director also discussed a few social sector related themes that were under priority of the World Bank.
“Some of the World Bank’s priority themes, especially those related to health and education are in alignment with government’s 5Es framework,” the minister asserted.
Lauding WB’s support provided to Pakistan for rehabilitation of flood affected areas, he said, “World Bank’s assistance to vulnerable communities in Sindh and Balochistan after the devastating floods that hit Pakistan in 2022 has played a significant role in improving the livelihoods.”
The minister reiterated that enhancing resilience against climate change and disasters was in line with the 5Es development framework that formed the backbone of economic agenda.
Najy stated that building climate resilience was one of the World’s Bank’s priority areas in developing countries.
The Integrated Flood Resilience and Adaptation Project (IFRAP) will provide housing reconstruction grants to approximately 35,100 homeowners to rebuild their homes following resilience standards and livelihood grants to smallholder farmers to support livestock, promote climate-smart agriculture and other productive activities.
It will also help restore essential services by rehabilitating damaged community infrastructure and facilities such as water supply, irrigation, roads, and community facilities.
Ahsan Iqbal also apprised the WB country director about the new initiatives the Planning ministry has taken to modernize its functioning.
He added that the National Economic Transformation Unit would serve as a strategic body focused on facilitating economic growth, enhancing productivity, and fostering innovation.
“It will work in close collaboration with various stakeholders, including government agencies, private sector entities, academia, and international partners, to implement evidence-based policies and initiatives that align with Pakistan’s long-term economic goal of becoming a one trillion dollar economy by 2035,” he remarked.
