Government assures WB, ADB of economic reforms

ISLAMABAD: Federal and state finance ministers held meetings with the World Bank and Asian Development Bank (ADB) on Tuesday and assured the multilateral lenders of commitment to fiscal and structural reforms for economic inclusivity and sustainable growth.

Minister of State on Finance and Revenue Dr Aisha Ghous Pasha held a meeting with World Bank Country Director Najy Benhassine whereas Finance Minister Miftah Ismail met with ADB’s Executive Directors Dr Wan Farissan Bin Wan Suleiman and Noor Ahmed. The meetings were held at the Finance Division in Islamabad in the presence of senior officers, ADB Country Director Yong Ye, and secretary finance, statements issued by the Finance Division said. Pasha, in her meeting with the World Bank, informed the participants about the progress on prior actions of RISE-II. She said that the government recognised the importance of this programme, and reiterated the commitment with regards to bringing fiscal reforms in the country.

She stated that regarding the pending prior actions, the federal government would take up the matter with provinces for expediting progress.

In concluding remarks, the minister of state, appreciated the commitment of the World Bank, and reiterated the firm dedication of the government in undertaking the needed reforms to achieve macroeconomic stability, build fiscal resilience and stimulate economic recovery.

Earlier, Benhassine apprised Pasha about the World Bank funded Development Policy Financing (DFP), RISE-II, and stated that this programme aimed to bring fiscal and economic reforms in the country.

In a separate meeting, Finance Minister Miftah Ismail appreciated the ADB for its support in pursuing the reform agenda and implementing various development projects in the country.

He acknowledged the longstanding partnership and firm commitment of ADB as a major development partner for bringing critical reforms in priority areas including energy, education, fiscal and debt management and socio-economic development.

Dr Suleiman and Ahmed shared that ADB was committed to provide the support for reform agenda in infrastructure, social and financial sectors in Pakistan. They re-affirmed the bank’s commitment to continue support for strengthening reform programmes and implementation of country’s development agenda, including fiscal management, building resilience and boosting competitiveness and development of private sector.

The finance minister thanked the visiting guests and ADB team for their continued support and assured them of the government’s firm commitment to the speedy implementation of the ongoing programmes.

He further gave an overview of the economic challenges inherited by the present government, and shared that the government was working on various structural reforms to bring back the economy on an inclusive and sustainable growth path. He showed full confidence in overcoming these economic challenges.