The bank would provide all possible assistance to Pakistan in facing the economic challenges, said WB Vice President for South Asia Region Ms. Isabel Guerrero. — File Photo
ISLAMABAD: The World Bank (WB) on Friday appreciated the signs of improvement in Pakistan’s economy, saying that it has potential to grow.
The bank would provide all possible assistance to Pakistan in facing the economic challenges, said WB Vice President for South Asia Region Ms. Isabel Guerrero, who was leading a WB delegation, in a meeting with Pakistan Finance Minister, Dr. Abdul Hafeez Shaikh.
She said that Pakistan’s economy has the potential to grow and the World Bank wants to see Pakistan moving on the path of development with a vibrant economy.
On the occasion, Finance Minister, Dr. Abdul Hafeez Sheikh gave an overview of Pakistan’s economy saying that the WB has played a crucial role in economic development of Pakistan.
“The World Bank has played a crucial role in economic development of Pakistan and we expect that this relationship will continue in future as well,” he added.
He highlighted the challenges being faced by the national economy, like inflationary pressure, energy deficit and circular debt.
Nevertheless, he added, the present government has taken measures to counter these challenges.
Nevertheless, he added, the present government has taken measures to counter these challenges.
For example, in order to maintain macro-economic stability, policies of fiscal, debt reduction and reducing inflation to single digit are being followed.
Similarly, for the process of growth acceleration, the government has introduced structural reforms, productivity and efficiency enhancement process, improvement in governance and encouraging private investment, he added.
Earlier, the World Bank delegation was briefed about the state of Pakistan’s economy by the senior officials of Ministry of Finance and Economic Affairs Division.
The meeting was also attended by Minister of State for Finance, Ms. Hina Rabbani Khar and Deputy Chairman, Planning Commission, Dr. Nadeemul Haq.
-www.dawn.com
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