Finance Minister Muhammad Aurangzeb recently met with a World Bank delegation to discuss a significant financial commitment aimed at supporting Pakistan’s development over the next decade. The meeting, held at the Finance Division, centred on the World Bank’s proposed 10-year Country Partnership Framework (CPF), which includes a substantial pledge of $20 billion.
Officials from the Finance Ministry and the Federal Board of Revenue (FBR) also attended the discussion, where the primary topic was how the World Bank’s investment can fuel crucial economic reforms in Pakistan.
The World Bank team presented their ongoing work on a comprehensive National Growth and Fiscal Program. This initiative will address various key areas for economic improvement, including strategies to remove obstacles to inclusive and sustainable growth, boost revenue collection, improve the quality of government spending, and make public services more efficient and accountable.
A key objective of these reforms is to foster an environment that encourages greater investment from private businesses while also ensuring that more public funds are directed towards development that benefits everyone.
Furthermore, the World Bank updated Finance Minister Aurangzeb on their analysis of policy suggestions gathered from various business groups during recent pre-budget consultations. This collaborative effort aligns with the government’s decision to bring forward the budget process to January, aiming to create a more solid and economically sound revenue policy.
During the meeting, Aurangzeb stressed the importance of a joined-up approach to reforms across fiscal policy, trade, and the private sector, involving both federal and provincial levels. He emphasised that reforms should be designed with incentives linked to measurable outcomes in human development and socio-economic growth.
The Finance Minister also reiterated the necessity of a nationally coordinated strategy, similar to the proposed National Fiscal Pact, to ensure the country’s macroeconomic stability. He concluded that this unified approach would be fundamental to achieving Pakistan’s goals of inclusive and sustainable economic growth, ultimately improving the lives of its citizens.
