DUBAI, Sept 21: World Bank President James D. Wolfensohn, while welcoming the thrust of Pakistan’s priorities, has said the country will continue to receive concessional lending from the bank in subsequent years.

The World Bank president made this assurance to Finance Minister Shaukat Aziz who met him in his office at the Dubai Convention Centre.

James D. Wolfensohn, while recounting the bank’s strong support, said “funding to Pakistan would rise from the current levels of approximately $600 million to $1 billion.”

Mr Aziz informed the WB president of recent economic developments in Pakistan and the continued implementation of structural reforms.

Appreciating the bank’s support to Pakistan, he said Pakistan’s strategic objectives in its relationship with the bank were to have:

a) a comprehensive review of the power sector with a view to providing innovative solutions;

b) an independent professional analysis of Pakistan’s economic situation and prospects;

c) a renewed emphasis on the infrastructure sector.

He said new water sector projects were urgently required as was rehabilitation of the irrigation system which was in a state of disrepair. He added that these now represented serious constraints to economic growth and the productivity of the agricultural sector.

The finance minister said that while Pakistan would not seek a Fund programme after the current one concluded, it looked towards the bank as a long-term development partner. —APP