Miftah Ismail, Federal Minister of Finance and Revenue, has stated that the World Bank’s sustained support is vital to the government’s reform efforts.
On Tuesday, the minister met with Hartwig Schafer, Vice President of the World Bank’s South Asia Region (SAR). He greeted Schafer and explained that the country is now confronting monetary and budgetary issues as global commodities prices rise.
He stated that the current government is aware of these concerns and is taking practical actions to address impediments to progress. The current administration is dedicated to putting the economy on a sustainable and equitable growth path.
Miftah stated that the forthcoming budget would focus on fiscal consolidation and increasing the economy’s overall resiliency. As a result, the government intends to implement various relief measures to safeguard society’s most vulnerable members.
The minister went on to say that the current administration will implement changes in important sectors to solve budget shortfalls. Two World Bank initiatives, Resilient Institution for Sustainable Economic (RISE-II) and Program for Affordable and Clean Energy (PACE-II), play critical roles in the government’s reform plan.
Schafer gave his thoughts on the World Bank’s planned reform proposals. These initiatives promote long-term growth and act as excellent shock absorbers in an economic downturn. He praised Pakistan’s government’s will to overcome financial issues.
The meeting focused on the country’s macroeconomic status, fiscal responsibility and debt restriction regulations, and the financial viability of the electricity industry.
The finance minister congratulated the World Bank’s Vice President and praised the World Bank’s substantial contribution to the country’s socio-economic growth. Schafer guaranteed the government his full assistance in implementing the reform program and World Bank-funded projects.
Dr. Aisha Ghous Pasha, Minister of State for Finance and Revenue, Country Director WB Najy Benhassine, Acting Governor SBP Dr. Murtaza Syed, Secretary Finance, Secretary Power Division, Secretary EAD, Chairman FBR, and other top executives were present.