The Department for International Development (DFID) and the World Bank signed an agreement for establishing the 'Pakistan Accelerating Growth and Reforms Trust Fund' to help the Pakistan government implement its economic reform programme. The UK government is seeding the fund with a pledge of £30 million, and subject to effective utilisation and progress it hopes other development agencies will consider participation in its execution and contributions as needed.
Resources will be available to finance technical assistance to the government over the next four years. The programme will be administered on DFID's behalf by the WB through a trust fund. It will facilitate the government's timely access to experts, advice and specialists needed for implementing reforms. It will also provide access to WB and other international experience and best practices wherever this can help the government design a customised approach to four main reform areas: Energy, tax, privatisation/restructuring of state-owned enterprises, and debt management.
The trust fund supports the economic reform programme announced by the government in 2013. The government has since reduced the fiscal deficit, rebuilt foreign exchange reserves and started tax reforms, including the phasing out of special exemptions. More reforms will be necessary to increase jobs and growth.-PR
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