ISLAMABAD, April 29: The World Bank believes that Central Board of Revenue, Water and Power Development Authority and the Karachi Electric Supply Company were the most corrupt organisations in Pakistan.

“There is a need to have a rule of law in Pakistan and this is very sad to observe that CBR, Wapda and KESC are the most corrupt organizations in Pakistan”, said John Wall, World Bank Country Director for Pakistan and Afghanistan.

Speaking at the inaugural session of Pakistan Development Forum in Paris on Monday, whose proceedings could be watched through video phone conference in World Bank office in Islamabad, Mr Wall stressed the need for achieving transparency in the functioning of the government departments and state sector corporations to improve the economy of the country.

He said although some progress has been achieved by the government to improve the economy, still much more was required to be done specially to deregulate the financial sector. Likewise he said that Pakistan government needed to accelerate the process of privatization.

The World Bank official appreciated the Interim Poverty Reduction Strategy Paper (ISPR) and hoped that it will help to improve overall growth rate in Pakistan.

Earlier, Mieko Nishimizu, vice-president South Asian Region of the World Bank said that it was a Herculean task to get the nation out of the crisis of governance and hoped that Pakistan government after the October elections will never forget that people’s trust was still young, fragile and could be broken by one misstep — on inconsistency between words and actions.

“The reform programme saved the nation from a major financial crisis. People of Pakistan must surely be better off than where their lives could have been without the reforms”, she said.

“Once again this is not the time to relax. This is precisely the time to stay at course. It is exactly the moment to move forward at an accelerated pace”, she said.

Yet the journey, Ms Nishimizu said, has only just begum and, “I do hope that the government and the next democratic one will not forget that fruits of the reforms have not yet touched the lives of the most Pakistani citizens.”

She said that the Pakistan was on the eve of elections and an orderly return to democracy. According to Winston Churchill, “democracy is the worst form of government, except all those other forms that have been tried from time to time”. There is indeed, non better.

“Today I no longer harbour any doubt in my mind. The people of Pakistan has the strength to face the challenge of reforms head on.

“They have taught me that poverty of Pakistan is poverty of means, not of minds. Women and men of Pakistan are a proud, wise, and tolerant people who only ask: “Give us opportunities, not handouts”.

Paul Chabrier, Middle East Director of the International Monetary Fund, said that major donors were generally supporting the government to achieve a turn around in the economy. He said IMF will continue to offer all necessary assistance to Pakistan.

However, he said that debt situation was still serious and that the country’s debt was not sustainable over the medium term. He said that external borrowing was needed to be streamlined. Likewise, he said that tax administration will have to be improved to collect required taxes. “These are Pakistan’s central challenges to improve investment climate”, he added.

He said that it was good to see that Pakistan had successfully finished 10 months $596 million Standby Arrangement (SBA) programme that later helped to seek $1.3 billion Poverty Reduction Growth Facility (PRGF). He was of the view that persistent efforts were required to improver GDP growth.

The country director of the Asian Development Bank Marshuk Ali Shah in his speech said that Pakistan government has made concerted efforts to improve law and order situation. Public Safety Commission, he said, has been set up for the welfare of the people.

Similarly, he said that agriculture sector was being given a lot of importance to improve the overall GDP growth in the country. He said ADB has decided to offer about $1.1 billion to Pakistan during 2002 to undertake various development projects.