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PR No.248 FINANCE MINISTER MEETING WITH WORLD BANK GROUP CEO Islamabad: January 26, 2017

Finance Minister Senator Mohammad Ishaq Dar held a meeting with a delegation led by Ms. Kristalina I. Georgieva, Chief Executive Officer of World Bank Group here today.

Finance Minister shared with the delegation details of the improved economic environment in the country and measures being taken by the government to consolidate the gains made in the last three years. He said that all macro-economic indicators project that Pakistan is on a rising growth trajectory. He suggested 50 % increase in IDA allocation for Pakistan as the current project profile in infrastructure, energy, social protection and regional connectivity projects was almost exhausted, from the IDA-17 pipeline. The Minister informed the delegation that the private sector had a major involvement in CPEC projects and out of US $ 46 billion, over US $ 30 billion was meant for private sector investment whereas the rest was for public sector financing in infrastructure including highways, energy sector and railways etc. He stated that IFC participation in private sector projects was to be complemented by the Government to the extent of 20% equity. IFC was to develop Business Plans for such project financing, he added.

The CEO World Bank Ms. Kristalina I. Georgieva stated that keeping in view the momentum in Growth and Economic Progress in Pakistan; the World Bank shall continue to assist Pakistan with consideration of a bigger package including the IDA, IBRD, Refugees/Crisis modalities. She appreciated Tarbela extension project and said that World Bank will continue to look forward to working with the GOP on similar projects.

During the discourse, the Minister for Water & Power conveyed that as per the Government’s policy, Pakistan was desirous of good relations with all its neighbors and wanted the resolution of Indus Water Treaty within its scope. Ms. Kristalina I. Georgieva, CEO stated that they understood the significance of the Indus Water Treaty and is cognizant of Bank’s role being co-signatory to the Treaty.      The Minister also conveyed the importance of the Diamer Bhasa Dam and requested the Bank for providing assistance for its development as it will help in reducing the energy gap in a big way besides fulfilling agriculture needs.  The CEO World Bank assured their positive consideration for Pakistan’s development needs and higher financial allocations.

World Bank delegation included Vice President included Ms. Annette Dixon, Vice President for South Asia Region, Mr. Franz Richard Dress-Gross, Director, Mr. Nasir Khosa, Executive Director for Pakistan in the World Bank and Mr. Pathumutho Illangovan, Country Director.

Khawaja Muhammad Asif, Minister for Water & Power, Attorney General of Pakistan and Secretaries of the Ministries of Finance, EAD, Statistics, Water & Power and Planning & Development also participated in the meeting.

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