Miftah reiterates continued economic cooperation with World Bank

ISLAMABAD: Adviser to Prime Minister on Finance Miftah Ismail on Thursday reiterated Pakistan’s continued cooperation for economic development in the future with the World Bank.

The advisor met a visiting World Bank delegation led by Vice President for South Asia Ms. Annette Dixon, and International Finance Commission (IFC) Regional Vice President (Asia-Pacific) Ms. Snezana Stoiijkovic, and Country Director World Bank in Pakistan Patchamuthu Illangovan.

Miftah Ismail apprised the visiting delegation of the current state of economy and said that the policiies pursued during the last four years had stabilized the economy and helped it to grow at a steady pace.

He said Pakistan achieved a decade high growth rate of 5.3 percent last fiscal year and was targeting 6 percent growth in 2017-18. He said that the government was laying emphasis on tax reforms and broadening of tax base.

He added that the current account has posed a challenge in the recent past, due to increased imports required in the expansionary phase. He said that the export enhancing measures have started to bear fruit and export growth will help narrow the trade deficit.

The advisor further said that Pakistan has resolved the problem of energy shortages and now desired more investment in infrastructure development and would welcome World Bank’s support.

Vice President World Bank Annette Dixon appreciated the efforts for strengthening macroeconomic fundamentals over the last four years and hoped Pakistan would maintain momentum in the future as well. She called for greater focus on development of agriculture sector and sustainable water management.

Minister for State for Finance Rana Afzal said regional trade, particularly with Iran and Afghanistan could help greater trade earnings for Pakistan and the government was making efforts in this regard.

IFC Regional Vice President Ms Snezana Stoiijkovic on the occasion apprised the meeting about her interaction with private sector companies at Karachi including those related to energy sector and banks.

She said Pakistan has a vibrant private sector and mentioned IFC’s interest in supporting Pakistan Infrastructure Bank. She said higher private sector investment would greatly contribute in achieving higher economic growth.