President World Bank called on the Prime Minister

Dr. Jim Yong Kim, President World Bank called on Prime Minister Muhammad Nawaz Sharif at PM House today.

The Prime Minister said that his government believes in liberal and private sector driven economy. Our efforts are aimed at ensuring ideal business environment for the private sector as governments are not meant to do business. When private sector is adequately facilitated, the business benefits reach to the entire country; when the governments start doing businesses then huge losses in the shape of subsidies are incurred, emphasized the Prime Minister.

The Prime Minister appreciated the support of World Bank in Pakistan’s economic growth and resuming policy lending after the assumption of office by the present government. The policy based loans would go a long way in helping the government implement its reform agenda and further improve the business environment in Pakistan, added the Prime Minister.

Prime Minister Muhammad Nawaz Sharif said that the government is making all-out efforts to bring improvements in every sector of the economy including development of mega-hydropower projects, rail and road infrastructure, education and health. The assistance of World Bank for Dasu Hydropower Project and Tarbela-IV Extension Project which will help the government in improving the energy mix and reduce dependence on expensive fuels, underlined the Prime Minister.

Dr. Jim Yong Kim expressed full support for the government’s tough economic decisions and said that WB supports the structural reform agenda. ‘I can recall our first meeting when I had shared my worries about Pakistan’s security, energy and macroeconomic stability.  Let me state that under your leadership, Pakistan has witnessed phenomenal improvements in all three sectors and we support your endeavours’, Dr. Jim Yong Kim said to the Prime Minister.

Dr. Jim Yong Kim applauded the prudent economic policies of the present government saying that Pakistan’s economic outlook has become stable which is the result of the ardent efforts of the country’s financial team. Pakistan is now on the path of increased economic growth and prosperity, he added. 

The president of World Bank said that the country’s important strategic location between the world’s two largest consumers markets offers unique opportunities to Pakistan for further economic development. Dr. Jim Yong Kim admired the government’s projects aimed at achieving better regional connectivity and cooperation.

The visiting delegation also included Ms. Annette Dixon, Vice President South Asia Region, Mr Dimitris Tsitsiragos, Vice President Global Client Services IFC, Mr Jann Walliser, Vice President Equitable Growth and Mr Patchamuthu Illangovan, Country Director for Pakistan.

Mr Muhammad Ishaq Dar, Minister for Finance, Mr. Tariq Bajwa, Secretary Economic Affairs Division, Mr Ashraf Wathra, Governor State Bank of Pakistan,  Secretary Finance and other senior government officials were present during the meeting.