World Bank Pledges for Socio-Economic Development
ISLAMABAD: Managing Director World Bank, Ngozi Okonjo-Iweala insured that the Bank will like to help Pakistan in its agenda for social development especially government’s programs like Benazir Income Support Programme. Ngozi Okonjo-Iweala, who was currently on a visit to Pakistan after calling on the Minister of State, held a detailed meeting with the Government economic team led by Hina Rabbani Khar.
The meeting took stock of the economic situation of the country and reviewed joint initiatives for fostering development partnership. She lauded Pakistan’s efforts aimed at economic stabilization and pledged that the Bank will vigorously support Government of Pakistan’s agenda for economic growth and social development.
The Managing Director World Bank while appreciating Government’s nine point agenda indicated that the Bank will like to see GOP working beyond achievement of economic stabilization, as this is only a means to an end. She informed that the Bank would support it.
Gozi appreciated Government of Pakistan’s efforts for revenue collection and meeting the revenue targets. She added that Pakistan needs to capitalize on new initiatives from institutions like IFC and other multilateral and bilateral donors. She under-pinned Pakistan’s geo-strategic position which can be leveraged as regional logistic giant by positioning itself through trade and infrastructure corridors, for the South and Central Asia.
Ngozi informed GoP’ team about the Bank’s support for organizing a donors’ conference in order to mobilize multilateral and bilateral donors in a structured process to meet the country’s financing gaps.
The Minister of State informed about the steps taken by the Government to tackle the challenges on the economic front and appreciated the support of the World Bank in the socio economic development of Pakistan. She reiterated the continued commitment of the present government to the economic agenda and explained that the government has made tough decisions to implement the economic reform programme.
The Minister of State informed that Pakistan expects World Bank’s support for financing in infrastructure and energy sectors. She highlighted the National Trade Corridor Improvement Programme as very vital for Pakistan’s infrastructure and economic needs. She underscored the need for Public Private Partnership initiatives and requested Bank’s assistance in this regard. The Managing Director World Bank informed that the Bank will be looking into these opportunities through its private sector arm i.e. International Finance Corporation.
The Minister of State informed the visiting Managing Director that the government is aiming at socio-economic development by investing in social protection and safety nets through the Benazir Income Support Programme. She indicated that the Government of Pakistan is aiming at long term strategies for social development and in this regard the PRSP-II provides an overall framework for human and social development.
The meeting between the two teams deliberated on the funding from the World Bank for National Corridor and energy sectors. The World Bank team indicated that in order to meet Pakistan’s needs in infrastructure and energy the World Bank will start working on IBRD financing for development projects in these sectors.
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