ISLAMABAD: The Minister for Economic Affairs, Ahad Cheema held a very productive meeting with Ms. Anna Bjerde, Managing Director for Operations (MDO) at the World Bank.
The Minister and MDO discussed measures to improve operational effectiveness of the ongoing portfolio and prospective areas of WB’s support in the context of the new Country Partnership Framework (CPF) of WB for Pakistan, said a press release issued here. Senior officers from both sides participated in the meeting.
The Minister appreciated continued support of WB to complement Pakistan’s development agenda. He also lauded the proactive support of WB’s country office, especially the leadership and facilitation provided by Mr. Najy Benhassine, the outgoing Country Director for Pakistan.
The Minister highlighted the remarkable economic turnaround achieved by Pakistan in a short span owing to Government of Pakistan’s unwavering commitment to comprehensive economic reforms for achieving sustainable macroeconomic stability.
The success of reforms and right direction of Pakistan’s economic journey is validated by excellent progress on the ongoing Extended Fund Facility (EFF) as well as the recent upgraded credit rating by Fitch.
The MDO, WB appreciated the Government of Pakistan for successful engagement with IMF and encouraging signs of economic recovery.
She appreciated the leadership of the Prime Minister and the Minister for steering the preparation of the CPF and identifying its priority areas with primary focus on human capital development.
She termed the CPF as a pioneering framework which would serve as a model for other members of WB. Both parties agreed to swiftly develop an implementation framework for effective implementation of the CPF to achieve the expected outcomes alongside solidifying a pipeline of projects for next two years.
The Minister asked WB to focus on social protection graduation programs for the provincial governments. He also highlighted the need to explore options and innovative approaches to reduce cost of energy generation to make it more competitive and affordable for the people. The MDO assured WB’s support and technical assistance on both the key areas.
The Minister and the MDO agreed that the ongoing WB portfolio needs to lay a strong foundation for creating a more enabling environment for the private sector’s enhanced contribution to the development process.
The meeting concluded on a positive note, with both sides expressing their mutual commitment to a results-driven partnership that contributes meaningfully to improving the lives of the people of Pakistan.
