Islamabad: October 19, 2020

A high-level Pakistan delegation, led by Makhdum Khusro Bakhtyar, Minister for Economic Affairs, held two consecutive sideline virtual meetings with the senior management of World Bank Group convened at the margins of 2020-Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group. Other Members of Pakistan delegation including Special Assistant to Prime Minister on Petroleum, Governor & Deputy Governor State Bank of Pakistan and high ranking officials of Economic Affairs Division, Finance Division, Federal Board of Revenue (FBR) & Pakistan Embassy in USA also joined the meetings. At the onset, Mr. Hartwig Schafer, Vice President of World Bank Group for South Asia Region, appreciated the government initiatives to successfully combat and curtail the impact of COVID-19 pandemic. He also appreciated the government’s ongoing reform efforts, particularly in the power, governance and financial sectors, that would possibly allow Pakistan to unleash the growth potential and help a faster post COVID-19 recovery. The Vice President confirmed WB’s continuous support to the government of Pakistan at this difficult time. The two sides also discussed the performance of the WB ongoing portfolio in Pakistan besides the probable WB initiatives in the near future. Mr. Bakhtyar, while appreciating the WB continuous support to Pakistan, assured the WB delegation that government is committed to continue structural reforms in multiple areas of economy, governance and institutions including simplification of decision making for project approval & implementation and regular portfolio review of foreign aided projects. Mr. Bakhtyar, appreciated the WBG’s proposed US$12 billion initiative to help developing countries procure COVID-19 vaccines to treat up to 1 billion people as soon as effective drugs become available. Mr. Hartwig assured due support to Pakistan under this initiative. Mr. Hartwig, while responding to a proposal of Mr. Bakhtyar, amenably agreed to enhance WB assistant for Pakistan to support the ongoing reforms besides balancing a mix between project mode of financing & program lending. Mr. Bakhtyar, during his meeting discussions with Mr. Alfonso Garcia, Regional Vice President of IFC for Asia & the Pacific, appreciated the IFC initiatives in Pakistan. He, however, stressed upon the IFC management for their enhancing investment volume in Pakistan, particularly in the Infrastructure, Housing and Tourism Sectors. He also emphasized that as the focus of present government remains on private sector-led growth, the International Finance Corporation (IFC) support for SMEs, particularly during the COVID-19 pandemic, should be the priority. Mr. Alfonso, IFC Regional Vice President, while appreciating the government’s ongoing reforms efforts, accepted the invitation of Mr. Bakhtyar to visit Pakistan in the coming months to explore avenues to further enhance the IFC interventions in Pakistan.
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