A delegation of nine World Bank Executive Directors has arrived in Pakistan, marking the first visit in two decades.
Meetings with Top Government Officials
The delegation will meet with the Prime Minister, Finance Minister, Minister for Planning, Minister for Energy, and Minister for Economic Affairs. These discussions will focus on the effective implementation of $40 billion in funding.
Review of Development Projects
The delegation will visit different provinces to assess development projects and formulate strategies for their efficient execution. The team is scheduled to visit Khyber Pakhtunkhwa, Sindh, Punjab, and Balochistan.
Financial Challenges and World Bank’s Strategy
According to Martin Raiser, Vice President of the World Bank for South Asia, the $20 billion funding will not be enough to achieve Pakistan’s 10-year development goals. He emphasized that Pakistan must mobilize additional resources to tackle its economic challenges.
Following a week-long visit, Raiser stated:
“The World Bank Group’s support alone will not be sufficient to achieve the ambitious targets. Improving the business environment to attract private sector investment is the need of the hour.”
Pakistan’s Preparations for a New IMF Loan
Meanwhile, Pakistan has started preparations to secure a $1.5 billion loan program from the International Monetary Fund (IMF), with negotiations scheduled for later this month.
Two IMF delegations are expected to visit Pakistan to conduct an economic review for both the new loan program and the next tranche of the already approved $7 billion program. In total, discussions will cover a combined loan amount of $2.5 billion.
According to sources, an IMF delegation will visit Pakistan on February 24 to negotiate the $1.5 billion concessional loan, which is reportedly aimed at addressing climate change-related damages.
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