PID

PR No. 152 Mr. Hartwig Schafer, Vice President Operations Policy & Country Services, World Bank Group, calls on the Finance Minister Islamabad: September 22, 2016

Mr. Hartwig Schafer, Vice President Operations Policy & Country Services, World Bank Group, called on the Finance Minister today.

Finance Minister welcomed Mr. Schafer and said that Pakistan valued the strong collaboration with the World Bank Group. He said that since the last three years the government has undertaken challenging economic reforms with success and appreciated the support of the World Bank and other development partners in this reform process.

The Finance Minister highlighted that the government was working to eliminate load shedding and improve infrastructure in the country. He said that the Government’s is giving priority to meet the 17 Sustainable Development Goals of the UN. In addition, Pakistan has worked closely with the Financial Action Task Force (FATF) and has a robust AML regime, which is consistently being strengthened. Noting the focus of the government on increasing Financial Inclusion & Digital Inclusion, the Minister said that the objective is to reach out to the remotest areas of the country and improve disbursement system for BISP beneficiaries. He also apprised the Vice President of the legislations and rule making carried out in the past three years in the fields of banking, corporate governance and financial management.

Mr. Shafer congratulated the Finance Minister for bringing about a remarkable economic turnaround in the country in the last three years. He said that the World Bank portfolio in Pakistan currently supports the pragmatic economic reform agenda of the government and will continue to resonate and sync with the government’s economic development objectives. He informed that the next tranche to support expansion of Tarbela has been approved by the Bank.

Finance Minister appreciated the leadership of Dr. Jim Yong Kim, President World Bank and said that Pakistan has taken the lead in proposing the nomination of Dr. Kim for re-election for another five year term. He added that there is potential for enhanced collaboration to develop the agriculture sector in Pakistan.

The meeting was attended by Secretaries of economic ministries.

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