World Bank assures support for development

Published April 3, 2015
“We share with you the common vision of alleviating and eliminating poverty, and bringing prosperity to Pakistan,” she said during a meeting with Finance Minister Ishaq Dar. — AFP/file
“We share with you the common vision of alleviating and eliminating poverty, and bringing prosperity to Pakistan,” she said during a meeting with Finance Minister Ishaq Dar. — AFP/file

ISLAMABAD: The World Bank would continue to support Pakistan in its efforts for economic development, its Vice President for the South Asia Region Annette Dixon said on Thursday.

“We share with you the common vision of alleviating and eliminating poverty, and bringing prosperity to Pakistan,” she said during a meeting with Finance Minister Ishaq Dar.

The visiting official also discussed progress of World Bank-funded projects and appreciated the headway made in different spheres, particularly economic stability.

The finance minister, while giving an overview of the state of the economy, said Pakistan had successfully completed six reviews with the International Monetary Fund, made a successful return to world financial market through Eurobonds, launched sukuk and achieved the criteria to become eligible for International Bank for Reconstruction and Development (IBRD) economic packages.

Dar appreciated World Bank’s support for financing the country’s energy sector, especially Dasu Hydropower Project and CASA-1000. He also acknowledged the Bank’s support of $1 billion for Development Policy Credits (DPCs-I) for fiscally sustainable and inclusive growth, and power sector reform.

He added that the government had met all the prior actions for the Growth DPC-II, and had made significant progress on various prior actions agreed to in Power DPC-II.

The minister was informed that for the next tranche of DPCs on growth and power, the Operations Committee meeting would be held on April 10.

Ms Dixon on this occasion expressed keen interest of the World Bank to help out internally displaced persons (IDPs) and ensure their resettlement. Dar said the government was committed to help restore lives and livelihoods of the IDPs affected by the ongoing crisis in Fata which had resulted into more than 300,000 displaced households.

The return of Fata IDPs has already started and 113,000 families would return to their homes in the first phase.

“We appreciate World Bank for joining hands with the government and offering financial support of $75 million for Fata IDPs,” the finance minister said, adding that both the Zarb-e-Azb Operation and the rehabilitation of IDPs would likely require $1.7 billion.

Published in Dawn, April 3rd, 2015

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