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PR No.220 FINANCE MINISTER CHAIRS MEETING TO REVIEW WORLD BANK’S PORT FOLIO IN PAKISTAN Islamabad: January 24, 2017.

Federal Finance Minister, Senator Mohammad Ishaq Dar, held a meeting with a delegation of the World Bank, led by Country Director Mr. Patchamuthu Illangovan, here at the Ministry of Finance today to review the World Bank’s portfolio in Pakistan. The World Bank delegation also included Mr. Sebastian -A Molineus, Director, Finance and Markets Global Practice, World Bank, who is presently visiting Pakistan.

The Country Director World Bank briefed the Finance Minister on the World Bank’s portfolio in Pakistan, including the status of various ongoing development projects. Mr. Molineus said that the economic reforms that have been implemented during the present government have been strategic, relevant and sustainable. He congratulated the Finance Minister on the successful implementation of the reforms and the resultant economic turnaround. He highlighted that the government’s reforms have also played a major role in increasing financial inclusion in the country. Furthermore, Mr. Molineus expressed interest, on behalf of the World Bank, in initiating projects aimed at facilitating long-term financing in Pakistan, including housing finance.

The Finance Minister appreciated the briefing from the Country Director and expressed satisfaction on the progress made so far on the various ongoing development projects being undertaken in Pakistan with the World Bank’s support. He expressed appreciation for the cooperation between Pakistan and the World Bank. He also said that both parties must strive to further strengthen this relationship in order to take it to the next step.

The Finance Minister thanked Mr. Molineus for his remarks regarding the present government’s successful economic reforms. He highlighted that, after having achieved macroeconomic stability, the government is now focused on attaining higher, sustainable and inclusive economic growth. He also welcomed the interest expressed by the World Bank in initiating projects for long-term financing. He said that the Government of Pakistan is always ready to cooperate with the World Bank on initiatives that can help improve the quality of lives of the people of Pakistan.

The meeting was also attended by senior officials of Ministry of Finance, Ministry of Commerce, SECP and the World Bank.

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