KARACHI: The World Bank’s Board of Executive Directors has approved $350 million in financing for Pakistan under an initiative to strengthen fiscal management and promote competitiveness for sustained and inclusive economic growth in the country, said its statement on Wednesday.
The Second Resilient Institutions for Sustainable Economy (RISE-II) Operation was launched in December 2022 and followed the first program in the series, RISE-I, which began two years before that.
Speaking at the occasion, a top World Bank official emphasized the need for Pakistan to carry out comprehensive reforms for improved economic progress.
“Pakistan needs urgent fiscal and structural reforms to restore macroeconomic balance and lay the foundations for sustainable growth,” Najy Benhassine, the bank’s country director for Pakistan, said. “RISE-II completes a first phase of tax, energy and business climate reforms geared to raising additional revenues, improve the targeting of expenditures and stimulate competition and investment.”
According to the World Bank statement, the RISE-II operation contributes to better fiscal management by improving fiscal policy coordination, enhancing debt transparency and management, strengthening the taxation of property and improving the financial viability of the power sector.
The operation also aims to foster growth and competitiveness by reducing the cost of tax compliance, improving financial sector transparency, encouraging the use of digital payments, and promoting exports by lowering import tariffs.
“Based on the foundations laid through RISE-II and parallel support by other IFIs [international financial institutions], Pakistan has the opportunity to tackle long-standing structural distortions in its economy after the upcoming general elections,” Derek H. C. Chen, task team leader of the operation, said. “Failing to use this opportunity would risk plunging the country back into stop and go economic cycles.”
Pakistan and the World Bank have had significant and multifaceted engagements spanning over decades, focusing on various development challenges and strategic priorities.
The bank has also launched a series of policy notes in recent years as part of its engagement and outreach program to contribute to the public dialogue on reforms needed for a brighter economic future for the country.
World Bank approves $350 million for Pakistan’s fiscal strengthening, economic competitiveness
https://arab.news/9nm56
World Bank approves $350 million for Pakistan’s fiscal strengthening, economic competitiveness
- The financing under the RISE-II operations will enhance debt transparency and make power sector more viable
- World Bank officials say Pakistan must tackle longstanding structural distortions in economy after national polls
Pakistan assembly speaker warns opposition against anti-state remarks in parliament
- Ayaz Sadiq says criticism of judiciary and armed forces will not be allowed on assembly floor
- He calls violence during protests unacceptable, vows neutrality as National Assembly speaker
ISLAMABAD: Pakistan’s National Assembly Speaker Sardar Ayaz Sadiq said on Saturday that opposition lawmakers would not be allowed to speak against Pakistan, the judiciary or the armed forces on the floor of parliament, calling such remarks unacceptable.
Speaking to reporters during a visit to the eastern city of Lahore, Sadiq said parliamentary debate must remain within constitutional and legal limits, while reiterating his commitment to act impartially as speaker.
“No one will be allowed to speak against Pakistan, the judiciary or the armed forces on the floor of the National Assembly,” Sadiq said. “Negative or controversial remarks about judges or the armed forces are unacceptable.”
His comments come amid heightened political tensions after opposition groups held protests in the past, criticizing state institutions and targeting government and military properties.
The speaker said peaceful protest was a democratic right but drew a sharp line at violence and vandalism.
“Protest is the right of every citizen in a democratic society, but it must remain peaceful and within the bounds of the constitution and the law,” he continued, adding that arson, damage to property and the use of sticks or weapons in the name of protest were “unacceptable” and posed a threat to the rule of law.
“No opposition lawmaker will be allowed to speak on the National Assembly floor if they speak against Pakistan,” Sadiq said.
The speaker also noted the country’s economic indicators were gradually improving, citing an increase in foreign exchange reserves, and said Pakistan had further strengthened relations with countries including the United States, China, Russia, Türkiye and Saudi Arabia.
