World Bank urges Pakistan to shift to sustainable growth — Dawn
The World Bank has urged Pakistan to move from macroeconomic stabilization to sustainable economic growth, focusing on attracting investment and strengthening the role of the private sector. Dawn reports this following a meeting between bank representatives and Pakistan’s Finance Minister Muhammad Aurangzeb in Islamabad.
Reforms and investment
The talks were attended by the World Bank’s Regional Director for Prosperity for the Middle East, North Africa, Afghanistan and Pakistan, Sandeep Mahajan; World Bank Country Director for Pakistan Bolormaa Amgaabazar; and International Finance Corporation division director Simon Andrews.
The parties discussed Pakistan’s economic reform program, the transition to sustainable growth, and priorities for boosting investment and private-sector activity. Mahajan congratulated the country on restoring macroeconomic stability and positively assessed the government’s actions during the recent crisis related to the regional conflict.
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According to World Bank representatives, the reserves built up as a result of stabilization measures and timely policy decisions helped Pakistan cope with external pressure. They stressed that further reforms and their effective implementation are needed to preserve these results.
Government plans
Muhammad Aurangzeb said the government seeks to make macroeconomic stability lasting and transform it into sustainable growth focused on investment and exports. According to him, Pakistan has regained access to international capital markets, including through the recent issuance of $3 billion in eurobonds with five- and ten-year maturities.
The minister also said that further improvements to the country’s credit rating, strengthening investor confidence, and improving its sovereign credit profile are important. The meeting participants separately discussed privatization, clear regulatory rules, reliable post-privatization settlement mechanisms, and financing infrastructure projects with the involvement of development partners.
