World Bank president arrives in Pakistan

ISLAMABAD: World Bank (WB) President Ajay Banga has arrived in Pakistan on an important visit aimed at strengthening the 10-year country partnership with Pakistan, ARY News reported on Sunday, citing sources.

According to the programme shared by sources, President Banga is scheduled to remain in the country until 4 February and will hold meetings with senior government officials. Discussions are expected to include the Prime Minister, Deputy Prime Minister, Finance Minister, and other key authorities.

During the visit, talks will focus on economic reforms, water disputes, and other significant issues. President Banga will also be briefed on the priorities for economic reforms and development projects.

Sources indicate that notable progress is expected in implementing the 10-year Country Partnership Framework, under which the World Bank will provide Pakistan with $20 billion by 2035.

Last year in December, the World Bank’s Board of Executive Directors approved $700 million in financing for the Pakistan Public Resources for Inclusive Development – Multiphase Programmatic Approach (PRID-MPA).

PRID-MPA is a multi-year, multi-program initiative aimed at supporting macroeconomic stability and improving service delivery in the country.

According to a World Bank press release, the PRID-MPA is an innovative national program designed to support federal and provincial reforms to mobilize domestic revenue, enhance the quality of public spending, and leverage data and digital tools to improve service delivery.

The program is intended to support ongoing fiscal reforms aligned with the IMF Extended Fund Facility (EFF) and the National Fiscal Pact, and will provide up to $1.35 billion in total financing over multiple phases.