ISLAMABAD: World Bank Vice President South Asia Region Hartwig Schafer called on Finance Minister Miftah Ismail in Islamabad.
The Finance Minister said that Pakistan is currently facing monetary and fiscal challenges due to rising global commodity prices and the government is cognizant of these issues and is taking pragmatic steps to resolve bottlenecks to growth.
He said the government is committed to set the economy on sustainable and inclusive growth path.
He said the upcoming budget aims at bringing in the fiscal consolidation and improving the overall resilience of the economy.
The Finance Minister said the government will introduce reforms in priority areas to address fiscal deficits. He said two programs of World Bank named Resilient Institution for Sustainable Economy and Program for Affordable and Clean Energy hold a central position in the reform agenda of government.
Miftah Ismail emphasized that the World Bank’s continued support will be critical to reforms being pursued by the government of Pakistan.
Hartwig Schafer shared his insights about the reforms initiatives proposed by the World Bank. He said these programs not only ensure sustainable growth but also work as effective shock absorbers in case of any economic crisis.
He appreciated the resolve of the Government of Pakistan in overcoming the economic challenges.
Key areas discussed in the meeting included macro-economic situation of the country, fiscal responsibility and debt limitation laws, and financial sustainability of the power sector.
He assured his full support to Govt of Pakistan in implementation of the Government’s reform agenda and the projects funded by the World Bank.