World Bank to Continue Supporting Pakistan With its Energy Challenges

The World Bank reiterated support for overcoming challenges in the energy sector and lauded the socio-economic coverage extended to the marginalized sections of the society during the Coronavirus pandemic.

Federal Minister for Finance and Revenue, Shaukat Fayyaz Ahmad Tarin, held a virtual meeting with Mr. Axel van Trotsenburg, Managing Director (Operations), World Bank at the Finance Division.

In his remarks, the Finance Minister stated that the World Bank has always been a source of support in pursuing reform agenda and implementing various development projects for the country. He acknowledged the longstanding partnership and firm commitment of the World Bank as a major development partner for bringing essential reforms in priority areas including energy, fiscal & debt management, and socio-economic development.

The Finance Minister shared a brief overview of the current economic situation and outlined several initiatives taken to accelerate economic recovery during the COVID-19 pandemic. Pakistan converted the Current Account Deficit into a surplus by adhering to a strict financial discipline. He also highlighted measures to be taken for effective resource mobilization, enhancing productivity, and strengthening financial management in the future.

The Finance Minister reiterated the firm commitment of the government in undertaking reforms to achieve macroeconomic stability, build fiscal resilience, and stimulate economic recovery amid COVID-19 and in post COVID scenario.

The Minister for Energy Muhammad Hammad Azhar briefed about the efforts underway in the energy sector for bringing efficiency into the system by eliminating inefficient power plants to improve service delivery.

The SAPM on Power Tabish Gauhar underlined the reforms introduced in the power sector to make it dynamic and sustainable. He reiterated the Government’s firm resolve in achieving efficiency in production as well as transmission of electricity.

Federal Minister for Economic Affairs Division updated the World Bank MD on steps being taken to build resilient institutions as well as investment in human capital.

The Finance Minister thanked the MD (Operations), World Bank and his team for their continuous support and facilitation.

Federal Minister for Economic Affairs Division Omar Ayub Khan, Minister for Power Muhammad Hammad Azhar, SAPM on Power Tabish Gauhar, SAPM on Revenue Dr. Waqar Masood, Secretary Finance Division, Secretary Power, Secretary Economic Affairs Division, Chairman FBR and other senior officers of the Finance Division participated in the meeting. Governor State Bank of Pakistan Reza Baqir joined through a video link.

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