Pakistan, World Bank discuss $20 billion growth plan

ISLAMABAD: On Monday, a major meeting took place between Pakistan’s Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, and a team from the World Bank.

The discussion centred on Pakistan’s national growth and fiscal strategy, part of a broader 10-year Country Partnership Framework (CPF) that includes a $20 billion commitment. This framework focuses on essential areas such as health, education, climate resilience, and sustainable growth.

The meeting, attended by senior officials from the Ministry of Finance and the Federal Board of Revenue, continued discussions on the World Bank’s investment in economic reforms. The World Bank team presented their ongoing work on a National Growth and Fiscal Programme.

This programme aims to address key economic and fiscal challenges, focusing on revenue generation, improving expenditure, and enhancing service efficiency and accountability.

One of the primary goals of these reforms is to create conditions that encourage private investment while ensuring that public funds are used to support inclusive development.

The World Bank also updated the finance minister on their analysis of policy suggestions collected from various chambers and trade bodies during pre-budget consultations. This input is in line with the government’s early budget process, which began in January to ensure a solid and realistic revenue policy.

During the meeting, Senator Aurangzeb underscored the importance of integrating fiscal, trade, and private sector reforms across both federal and provincial levels. He stressed that these reforms should be tied to measurable outcomes, particularly in human development and socio-economic growth.

The minister also reiterated the importance of a coordinated national approach, as outlined in the National Fiscal Pact, to maintain macroeconomic stability. He underlined that this unified strategy is essential for achieving inclusive and sustainable economic growth, benefiting all citizens.

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