Islamabad April 15 2023: World Bank acknowledges completion of reforms under the RISE-II program that will help to ensure macroeconomic stability in the country.
Completion of the reforms under Resilient Institutions for Sustainable Economy (RISE-II) program would unable Pakistan to withdraw USD 450 million from the World Bank.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar held meeting with Mr Martin Raiser, South Asia Vice President at the World Bank on video-link as part of the World Bank - IMF Spring Meetings 2023 being held in Washington, today.
Finance Minister informed the Vice President about the completion of World Bank-supported reforms, especially those supported under the RISE-II program, under which major reforms like harmonization of GST have been achieved. FM also thanked the World Bank team for supporting Pakistan on flood rehabilitation and reconstruction.
"World Bank appreciated Pakistan’s efforts on ensuring expeditious processing of all flood related projects. He especially thanked Pakistani side on completing reforms under RISE program which will contribute to ensure macroeconomic stability in the country."says Mr Martin Raiser, South Asia Vice President at the World Bank
Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman FBR, Special Secretary Finance attended the meeting virtually from Islamabad. Whereas Ambassador of Pakistan to the USA Mr. Masood Ahmad Khan, Governor SBP Mr. Jamil Ahmad, Secretary Finance, Secretary EAD attended in person.
The WBG has third-largest portfolio of USD 14.8 billion in Pakistan (USD 10.7bn IDA, USD 3.9bn IBRD, USD 0.2mn in Trust funds and co-financings). The portfolio is supporting reforms and investments to strengthen institutions, particularly in fiscal management and human development. Partnerships are being strengthened at provincial levels, focusing on multi-sectoral initiatives in areas such as children's nutrition, education and skills, irrigated agriculture, tourism, disaster risk management, and urban development. Clean energy, and social/financial inclusion, both remain major priorities.