ISLAMABAD: Prime Minister Shehbaz Sharif reaffirmed the government's commitment to prioritizing investment and partnerships rather than relying on loans. He made these remarks during a meeting with a delegation of World Bank executive directors.
The prime minister highlighted that Pakistan's economy is on a positive trajectory, moving towards sustainable growth. He credited the government's economic team for its dedication and emphasized that increasing exports, remittances, and reduced interest rates were fostering investment in the production sector.
Shehbaz Sharif underscored the importance of transparency in governance, particularly in Federal Board of Revenue (FBR) reforms through digitization. He stated that power sector reforms aim to ensure uninterrupted electricity supply and minimize losses. The Special Investment Facilitation Council (SIFC) has been instrumental in creating an attractive investment environment by involving all stakeholders.
The prime minister acknowledged Pakistan's long-standing partnership with the World Bank, spanning over seven decades. He highlighted the World Bank’s recent $40 billion Country Partnership Framework, which includes $20 billion for projects in health, education, and youth development, while an additional $20 billion will be invested in the private sector under the International Finance Corporation (IFC).
Sindh Development Projects and Flood Rehabilitation
A World Bank delegation also met Sindh Chief Minister Syed Murad Ali Shah and provincial cabinet members. The delegation appreciated the transparent and efficient utilization of funds for ongoing projects in Sindh, particularly those related to flood rehabilitation.
The Sindh government, with World Bank support, is implementing 13 key projects, including the Karachi Water and Sewerage Services Improvement Project, Sindh Solar Energy Project, Karachi Mobility Project, and Sindh Water and Agriculture Transformation Project. Additionally, five projects are in the pipeline.
The provincial government, following directives from the PPP Chairman, has prioritized rebuilding houses for flood victims and aims to strengthen its collaboration with the World Bank.
IMF and Economic Reforms
In a related development, IMF Managing Director Kristalina Georgieva praised Pakistan’s Finance Minister for successfully navigating economic challenges. She emphasized that Pakistan’s debt-to-GDP ratio had been reduced from over 73% to the mid-60s and stressed the importance of export-led growth.
Economic Affairs Minister Ahad Cheema highlighted the government’s focus on privatizing state-owned enterprises (SOEs). The privatization plan includes power distribution companies (DISCOs), Pakistan International Airlines (PIA), and other SOEs, aiming to privatize up to 50 enterprises over the next 3-4 years.
Cheema also emphasized digital transformation, youth employment, and women's empowerment initiatives. He noted that Pakistan has one of the largest trained freelancer workforces and is making significant strides in renewable energy and economic stability.
World Bank officials commended Pakistan’s reform agenda, expressing continued support for Pakistan’s efforts in climate change, governance, and gender equality.
