ISLAMABAD: Najy Benhassine, the country director of World Bank called on Minister for Planning, Development and Special Initiatives on Thursday and discussed economic measures Pakistan is taking to achieve economic growth, said a press release issued on Friday.
Talking about the importance of an IMF backed reform agenda to accelerate the country’s economic growth, the minister stated that Pakistan is following a home grown agenda to develop an export led strategy.
Under this agenda, private sector investments will be prioritized to become the engines of growth. Since Pakistan’s economy has been struggling with stability, the Minister emphasized that the new economic agenda will help achieve sustained growth.
The country director also discussed a few social sector related themes that are under priority of World Bank. Some of the World Bank’s priority themes, especially those related to health and education are in alignment with government’s 5Es framework, the minister asserted.
Lauding World Bank’s support provided to the country for flood rehabilitation, the minister said, "World Bank's assistance to vulnerable communities in Sindh and Balochistan after the devastating floods that hit Pakistan in 2022 has played a significant role in improving the livelihoods."
The minister reiterated that enhancing resilience against climate change and disasters is in line with the 5Es development framework that forms the backbone of economic agenda.
Country Director Najy Benhassine also stated that building climate resilience is one of the World's Bank's priority areas in developing countries.
The Integrated Flood Resilience and Adaptation Project (IFRAP) will provide housing reconstruction grants to approximately 35,100 homeowners to rebuild their homes following resilience standards and livelihood grants to smallholder farmers to support livestock, promote climate-smart agriculture and other productive activities.
It will also help restore essential services by rehabilitating damaged community infrastructure and facilities such as water supply, irrigation, roads, and community facilities.
Minister Ahsan Iqbal also apprised him about the new initiatives Planning ministry has taken to modernize its functioning. He added that the National Economic Transformation Unit will serve as a strategic body focused on facilitating economic growth, enhancing productivity, and fostering innovation.
It will work in close collaboration with various stakeholders, including government agencies, private sector entities, academia, and international partners, to implement evidence-based policies and initiatives that align with Pakistan’s long-term economic goal of becoming a one trillion-dollar economy by 2035.
Copyright Business Recorder, 2024
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