WB president to meet Nawaz, ministers

ISLAMABAD: World Bank President Jim Yong Kim on Monday reached Pakistan for two-day visit to meet country’s leaders including Prime Minister Nawaz Sharif for finding ways to support Islamabad undertaking ‘ambitious reforms’.

“The WB Group President arrives today for a two-day visit to Pakistan to meet with its leaders and stakeholders to find out how best to support making the country’s economic reforms more ambitious,” it was announced by WB’s office here in Islamabad on Monday.

However, official sources told The News that it would be routine visit of the WB president to get knowledge of the Islamabad economy and there was nothing specific about initiation of new projects going to be funded by the Bank.

The WB president, whose grandfathers had shifted from Korea to US and who now holds US nationality, will meet all economic ministers at PM Secretariat to get firsthand knowledge on happenings related to economy, development and energy. 

The WB announced that Kim will discuss how to tap the most of Pakistan’s untapped economic potential, the advantages offered by a young population, and the opportunities from its geographical position near huge markets. He will meet private sector representatives to encourage them to strengthen their role in economic development to ensure job creation for youth. He will also meet temporarily displaced people, students, and the provincial leadership.

“The government has stabilised the economy and it now wants to raise economic growth in order to create jobs for millions", says Patchamuthu Illangovan, World Bank Country Director for Pakistan. “The president will meet Prime Minister Nawaz Sharif and his economic team, provincial chief ministers and the private sector to see what more support the World Bank Group can provide to Pakistan and its people in ending extreme poverty and boosting shared prosperity.”

Kim is accompanied by Annette Dixon, Vice President for the South Asia Region of the World Bank, Dimitris Tsitsiragos, Vice President for Global Client Services of International Finance Corporation, the private sector arm of the World Bank Group, and Jan Walliser, World Bank’s Vice President for Equitable Growth, Finance, and Institutions.

The World Bank’s programme in Pakistan is governed by its Country Partnership Strategy (CPS) agreed with the government. The World Bank Pakistan portfolio has 26 investment lending projects under implementation with a total net commitment of $4.99 billion. To date, the WB committed over $5.6 billion in Pakistan, including $1.2 billion during the 2015 fiscal year. IFC’s advisory services program in Pakistan is one of its largest in the region, with 13 active projects and a funding commitment of over $20 million.