Daily Times

ISLAMABAD: The World Bank has said that it is ready to support the reform plans of the new government of Pakistan to stabilise economy, accelerate growth, end poverty and boost prosperity.

According to a statement issued by World Bank, the commitment was made by the World Bank’s newly appointed Vice President for the South Asia Region, Hartwig Schafer, when he met the new leadership of Pakistan to discuss Pakistan’s development priorities and reform agenda. During his two-day stay in Islamabad, Schafer met Finance Minister Asad Umar, Foreign Minister Shah Mehmood Qureshi, and PM Advisor Commerce, Textile, Industry & Production and Investment Razzak Dawood.

”The visit gave me an opportunity to learn more about how could we support millions of people in Pakistan, especially the youth, through investments in health, nutrition, education, skills and the digital economy,” Schafer said. He also held discussions on digital disruption and regional connectivity and trade with stakeholders from the private sector and civil society.

“I am impressed to learn about Government of Pakistan’s plans for investing in human capital, creating jobs, attracting investments through ease of doing business, better regional connectivity, improving infrastructure and services in Karachi and strengthening the management of water and the environment,” Schafer said.

Schafer was appointed as the World Bank Vice President for South Asia on July 1, 2018. The region includes Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.

Pakistan has been a member of the World Bank since 1950. Since then, the World Bank has provided $33.4 billion in assistance to Pakistan. The World Bank’s programme in Pakistan is governed by the Country Partnership Strategy for FY2015-2020 with four priority areas of engagement: energy, private sector development, inclusion, and service delivery. The current World Bank portfolio includes 43 projects with a net commitment of $7.79 billion.

Published in Daily Times, August 30^th 2018.