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
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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
Saudi defense delegation visits Pakistan’s foreign office for diplomatic briefing
- Delegation briefed on Pakistan’s foreign policy priorities and bilateral ties with Saudi Arabia
- Visit reflects close defense cooperation, including a bilateral security pact signed last year
ISLAMABAD: A Saudi defense delegation visited Pakistan’s foreign ministry on Friday to learn about Islamabad’s diplomatic priorities and engagements as the two countries strengthen security collaboration and consult more closely on regional and international issues.
The visit comes amid sustained high-level engagement between Islamabad and Riyadh, with regular contacts spanning defense, diplomacy and economic cooperation.
A 15-member delegation from the King Abdullah Bin Abdulaziz Command and Staff College met officials at the Ministry of Foreign Affairs, said an official statement.
“The visit of the delegation to Pakistan is a manifestation of excellent defense and security relations between the two countries,” the foreign ministry said.
It added that officials briefed the delegation on Pakistan’s foreign policy issues and bilateral relations with Saudi Arabia, followed by an interactive session.
The head of the delegation thanked Pakistani authorities for facilitating the visit, the statement said.
Pakistan and Saudi Arabia maintain close defense and security cooperation, including training exchanges and joint exercises.
In September last year, the two countries signed a bilateral security agreement under which aggression against one would be treated as a threat to the other.
While Saudi diplomats are regular visitors to the Pakistani foreign ministry, such visits by defense delegations are rare, reflecting that the two sides seek to understand each other’s defense and diplomatic perspectives more closely.
