World Bank Representative Ensures Lender will Strengthen Partnership with Pakistan
The World Bank's Executive Director-designate, Dr. Tauqeer Hussain Shah, has given Pakistan the assurance that the financial institution will strengthen its cooperation with the nation in South Asia.
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The development transpired on Thursday during Dr. Shah's meeting with Dr. Shamshad Akhtar, the Minister of Finance, in Islamabad.
According to a Finance Division statement, Dr. Shamshad expressed the expectation that Dr. Shah will promote close cooperation between Pakistan and the World Bank.
The release said, "Dr. Shah pledged to concentrate his energies on strengthening Pakistan's cooperation with World Bank and thanked the finance minister for her guidance and immense support."
Attendees included the country director of the World Bank, the secretary of finance and economic affairs, the chairman of the Federal Board of Revenue (FBR), the chairman of the Securities and Exchange Commission of Pakistan (SECP), and the ministries of privatization and energy.
Pakistan is expected to see positive growth in fiscal year 2023–24, but at a rate of only 1.7%, according to the World Bank's most recent report, "South Asia Development Update Toward Faster, Cleaner Growth." The report also notes that Pakistan's economy is still heavily dependent on capital inflows to finance significant fiscal and current account deficits.
Because of capital and import restrictions combined with poor demand, the US dollar value of goods imports decreased by 26% in the year ending in August 2023.
According to the report, industrial production shrank by 15% in the year ending in June 2023 and exports fell by 5% in the year ending in August due to input shortages.
