Islamabad (TDI): World Bank Vice President for South Asia Martin Raiser said on Sunday that Pakistan has the potential to become a trillion-dollar economy by 2035 with an annual growth rate of 7 percent.
In a statement, Raiser said that long-term projections were difficult, but if Islamabad seriously implemented its domestic economic recovery plan, the target could easily be achieved.
Achieving the target was quite possible; however, major reforms and strong policies were required for that, he said, mentioning that the World Bank had promised to provide 20 billion dollars to Pakistan in the coming 10 years.
However, he clarified that the amount would be provided according to the country’s economic capacity and reforms.
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The vice president stated that Pakistan requires to carry out key economic reforms for a 7 percent annual growth rate.
He added that Islamabad should focus on the factors that were within its control, particularly to attract foreign investment and improve trade ties.
The official said that he had consulted representatives of different political parties and civil society in the country to build consensus on economic plans.
He added that the $20 billion loan for Pakistan was conditional and indicative, which would be in line with the size of the its economy and its repayment capacity.
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Raiser emphasized that Pakistan had many capabilities that could be used to attract investment.
Meanwhile, the vice president also held a meeting with Finance Minister Muhammad Aurangzeb to discuss the World Bank’s assistance in key economic and tax reforms and implementation of the fiscal deal to improve revenue collection and spending efficiency.