World Bank urges Pakistan to speed up $20bn reform...

Summary

• The World Bank has urged the Pakistani government to speed up the implementation of key policy reforms under its $20 billion economic partnership with the country.
• The meeting reviewed progress on the economic reform programme and discussed priorities related to growth, employment, fiscal management, revenue collection, capital markets, trade, investment and institutional reforms.
• The World Bank also briefed the minister on governance and institutional reforms.

AI Generated Summary

The World Bank has urged the Pakistani government to speed up the implementation of key policy reforms under its $20 billion economic partnership with the country.

The reforms focus on improving economic growth, increasing government revenue, attracting investment and facilitating trade. They also include efforts to harmonise sales tax rules, strengthen provincial agriculture and property taxes, and remove regulatory barriers affecting businesses.

A World Bank delegation led by Country Director Bolormaa Amgaabazar met Finance Minister Muhammad Aurangzeb in Islamabad on Friday. The meeting reviewed progress on the economic reform programme and discussed priorities related to growth, employment, fiscal management, revenue collection, capital markets, trade, investment and institutional reforms.

The World Bank has been working with Pakistan under its 2025-35 Country Partnership Framework. The 10-year framework involves around $20 billion in blended financing through concessional and commercial lending facilities.

During the meeting, both sides stressed the need to move from designing reforms to implementing practical measures that can produce measurable economic results.

The proposed growth and jobs operation was also discussed. The programme includes measures to improve the investment climate, expand access to finance, raise productivity and strengthen labour-market outcomes.