Islamabad (TDI): A follow-up meeting was held on Monday between Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, and the World Bank team to discuss Pakistan’s national growth and fiscal program under the 10-year Country Partnership Framework, with $20 billion commitments.
The framework focuses on key development areas including health, education, climate resilience, and sustainable growth, according to press release issued by the Ministry of Finance.
Among others, the meeting was attended by senior officers from the Ministry of Finance and the Federal Board of Revenue.
The primary focus of the meeting was a continued discussion on the World Bank’s investment financing for economic reforms.
The World Bank’s team presented their ongoing work regarding the preparation of a comprehensive National Growth and Fiscal Program.
This program covers a wide range of key subjects related to economic and fiscal reforms, including strategies aimed at removing constraints to inclusive and sustainable development, mobilizing revenues, improving expenditure quality, and boosting efficiency and accountability in service delivery.
A key goal of these reforms is to create the necessary conditions for enhanced productive private investment while ensuring more public resources are allocated for inclusive development.
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The World Bank also briefed the Finance Minister on its ongoing data analysis of policy proposals and recommendations gathered from different chambers, trade bodies, and associations during the pre-budget consultations.
During the meeting, Minister Aurangzeb stressed on the need for a comprehensive and integrated approach to fiscal, trade, and private sector reforms that cover both the federal and provincial levels.
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He underlined the significance of designing reforms that are incentivized through outcome-based and performance-based indicators directly linked to human development and socio-economic development.
The meeting concluded with a shared commitment to continued cooperation between the Ministry of Finance, the World Bank, and all relevant stakeholders, in order to advance the reform agenda and drive positive change for the future of economy.
