WASHINGTON, April 20 : The World Bank has allocated an unprecedented $
amount of 1.8 billion for Pakistan‘s development projects, mainly in energy sector, in the current year, Finance Minister Finance Minister Dr Abdul Hafeez Shaikh said after holding a meeting with Vice President of the World Bank Isabel Guerrero:
Pakistan’s ambassador to the United States Sherry Rehman also attended the
meeting, which took place during the IMF-World Bank annual spring gathering of
economic leaders from around the world.
The World Bank has also expressed agreement to assist with financing for a
multi-year Dasu dam, to be built in Kohistan area on Indus river with a 1500 MW power generation capacity. The World Bank Board has already approved power generation enhancement project.
“This is a big sign of confidence in Pakistan’s ability to accomplish
development for its people that the World Bank is allocating an unprecedented amount
in one year,” Dr Shaikh said.
The amount, follows last year’s $ 1.2 billion assistance, and will be
spent on upgradation and completion of development projects in energy and water
sectors as well as infrastructure, social and reforms programs.
The World Bank vice president was appreciative of Pakistan’s economic
performance in these difficult times of global economic and regional challenges,”
the finance minister told APP.
The World Bank leader expressed satisfaction with the measures Islamabad
has taken to enhance its revenue generation (which has increased by 25 per cent
over the last nine months), the continuing strong performance of the external
sector, both exports and remittances and a healthy 4 percent GDP growth expected
For his part, Dr Shaikh acknowledged the World Bank’s sustained cooperation
with Pakistan, calling the financial institution a reliable development partner of
Pakistan. He particularly thanked Vice President Isabel Guerrero’s leadership and lauded the dedication of World Bank Pakistan country team headed by Esecutive Director Javed Talat.
Pakistan’s ambassador to the United States Sherry Rehman said it is heartening to see the international financial institutions’ expression of faith in Pakistan’s commitment to development.
“This signifies that both the international community and the financial institutions have a growing confidence in Pakistan’s dedication and ability to realise development for its people,” she said.
The meeting was also attended by top Pakistani economic managers including
Secretary Finance Abdul Wajid Rana, Secretary Economic Affairs Division Dr Waqar
Masood, Governor State Bank Yaseen Anwar, Deputy Chairman Planning Commission Dr Nadeem, Economic Minister at the Pakistani embassy in Washington Mohsin Mushtaq Chandana, Executive Director for Pakistan at the World Bank Talat Javed and Pakistan Director for IMF Saleem Sethi.
Source: MGCT By Ali Imran
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