World Bank Ready to Support Reform Plans of New Pakistan Leadership

Stocks and Financial Services Press Releases Thursday August 30, 2018 09:17
Bangkok--30 Aug--World Bank

ISLAMABAD, August 29, 2018 – The World Bank today said it was ready to support the reform plans of the new government in Pakistan that are needed to stabilize the economy and accelerate growth to end poverty and boost prosperity.

The commitment was made by the World Bank's newly appointed Vice President for the South Asia Region, Hartwig Schafer, when he met with the government and key counterparts to discuss Pakistan's development priorities and reform agenda.

"The visit gave me an opportunity to learn more about how we support millions of people in Pakistan, especially the youth, through investments in health, nutrition, education, skills and the digital economy." said Schafer.

During his two-day stay in Islamabad, Schafer met with Finance Minister Asad Umar, Foreign Minister Shah Mehmood Qureshi and Razzak Dawood, Advisor, Commerce, Textile, Industry and Production, and Investment. He also held discussions on digital disruption and regional connectivity and trade with stakeholders from the private sector and civil society.

"I am impressed to learn of the Government of Pakistan's plans for investing in human capital and creating jobs, attracting investments through ease of doing business and better regional connectivity, improving infrastructure and services in Karachi, and strengthening the management of water and the environment," said Schafer. "We look forward to engaging the Federal and Provincial Governments and providing support to implement urgent reforms needed to stabilize the economy and achieve accelerated growth in the medium term."

Schafer was appointed as the World Bank Vice President for South Asia on July 1, 2018. The region includes Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.
The World Bank in Pakistan

Pakistan has been a member of the World Bank since 1950. Since then, the World Bank has provided $33.4 billion in assistance. The World Bank's program in Pakistan is governed by the Country Partnership Strategy for FY2015-2020 with four priority areas of engagement: energy, private sector development, inclusion, and service delivery. The current World Bank portfolio includes 43 projects with a net commitment of $7.79 billion.


Latest Press Release

Photo Release: KBank joins forces with Electronics Extreme for online gaming top-up via K-Payment Gateway

Mr. Akaranant Thitasirivit (third from right), KBank First Senior Vice President, and Mr. Thanin Piromward (third from left), Chief Executive Officer of Electronics Extreme Co., Ltd., Thailand's leading provider of online games including Ragnarok Online,...

Photo Release: EXIM Thailand Joins Berne Union Spring Meeting 2019

Mr. Pisit Serewiwattana (third right), President of Export-Import Bank of Thailand (EXIM Thailand) and EXIM Thailand's executives recently presented export direct lending and outlook for CLMV market as well as discussing various issues with more than 80...

Thanachart Bank posts strong first quarter profit growth

Thanachart Bank Public Company Limited reported net profit of 3,650 million baht for the three months ending 31 March 2019, with pre-tax earnings increasing 18.7% compared to the same period last year. Mr. Praphan Anupongongarch, CEO and President of...

Bangkok Bank reports first quarter 2019 net profit of Baht 9,028 million

Thailand's economic growth in 2019 is expected to be 3.8 percent, decreasing from 4.1 percent in 2018. Amid slower world trade and risks from the US trade policies, exports declined for the first two months of the year. This has squeezed manufacturing...

KASIKORNBANK announces the first quarter of 2019 net profit of Baht 10,044 Million

Mr. Predee Daochai, President of KASIKORNBANK, said although domestic economic activities continued to grow during the first quarter of 2019, the overall economic recovery remained weak on the back of the slowing growth in the export and tourism sectors...

Related Topics