By Staff Reporter
ISLAMABAD: Pakistan is seeking about $2 billion in aid from the World Bank to boost its economic recovery and support its reform efforts, especially in the energy sector.
The country’s caretaker finance minister, Dr. Shamshad Akhtar, met with the World Bank’s country director for Pakistan, Najy Benhassine, on Saturday and discussed the progress of the bank’s ongoing projects and potential areas of collaboration, according to a statement from the Ministry of Economic Affairs.
The statement said that the World Bank country head indicated that “joint efforts are targeting disbursements of around $2.0 billion during the current financial year.”
“The Country Director World Bank Mr. Najy Binhassine, while briefing the Finance Minister on ongoing portfolio, indicated that the World Bank Management, in collaboration with Ministry of Finance, Revenue, Economic Affairs and Privatization, is making efforts to not only improve the implementation performance of the ongoing portfolio but also to maximize the volume of disbursement of foreign resources,” the statement added.
The meeting also reviewed the status of the RISE-II Development Policy Financing Program, which was recently negotiated by the World Bank with the ministry. The program aims to support Pakistan’s reforms in the areas of revenue mobilization, social protection, and governance.
Akhtar thanked the World Bank for its assistance during the floods of 2022, which caused widespread damage and displacement in the country.
She also asked the bank to increase its funding to meet the country’s urgent needs for post-flood rehabilitation and reconstruction.
The minister briefed Benhassine on the government’s strategy and efforts to stabilize the economy, which has been hit by high inflation, and a balance-of-payments crisis.
She said that the government is aware that implementing reforms in priority sectors, particularly the energy sector, will help the country achieve its potential for economic growth.
“Introducing policy reforms in this sector will continue to remain the top priority of the government of Pakistan,” the statement quoted the minister as saying.
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