The World Bank said on Tuesday that it would provide one billion dollars assistance to Pakistan annually for the next three years to help the government fight poverty and achieve its economic and social goals. World Bank President James D Wolfensohn told a news conference that Pakistan's economy was set to grow, but it faces some key challenges, including rebuilding investors' confidence, improving the social indicators and infrastructure development.
"The purpose of the trip is to ensure that we are in line with the government in terms of a billion-dollar a year programme that we are planning for the next three years," said Wolfensohn at the conclusion of a three-day visit.
Fighting poverty remained a central challenge for the country, he said.
OUR CORRESPONDENT ADDS: The World Bank president said that corruption was still a problem for Pakistan, like many other countries. He advised Pakistan to improve its performance in the area of poverty reduction, which is 30 percent currently.
Wolfensohn also had a meeting with the officials of government of Punjab, wherein he praised the education sector reforms undertaken in the province. He also discussed health and water sector reforms during this meeting.
A written statement issued at the press conference said that the World Bank President appreciated Pakistan's economic achievements and its bold reform program. He also urged to avoid the risk of complacency that sets in with success, and emphasised that the challenge now for Pakistan is to sustain reforms in order to accelerate growth and achieve the millennium development goals.
He said: "Pakistan's progress was terrific and now it must stay the course until the benefits of its achievements reach the vulnerable sections of the society including the very poor, women, children and the disabled."
He said that the country cannot deal with poverty without rapid growth, and Pakistan has done very well to accelerate its growth all across the macro-economic front. This, he said, would enable it to concentrate on improving social outcomes.
The World Bank president emphasised that Pakistan still has a long way to go in terms of achieving its human development goals, and that a renewed focus on better social service delivery, and empowerment of women will allow Pakistan to contribute to the achievement of the millennium development goals.
Wolfensohn said he was very happy to be back in Pakistan where he always felt welcome. The World Bank chief said he was particularly impressed by the performance of the reform process.
During his stay in Islamabad, the World Bank chief met President Pervez Musharraf, Prime Minister Shaukat Aziz, the PM's advisor on finance, economic team and key members of the cabinet.
Sharing the outcome of his meetings in Islamabad, he said that 7 percent growth by a country, which was around three percent a few years back, was quite an achievement. He added that with continued implementation of the priorities laid down in Pakistan's Poverty Reduction Strategy, Pakistan was now ready to unleash its potential ensuring that benefits reach the most vulnerable, significantly reducing poverty and improving living standards for the population.
He appreciated Pakistan's economic and social growth. However, it has long way to go for improvement in various sectors including education and health; strengthening and supporting small and medium enterprises; special emphasis on rural development; and provision of all related infrastructure holds the key to substantive poverty reduction in Pakistan.
Wolfensohn praised Pakistan's vibrant civil society organisations, private sector entrepreneurs and industrialists he met during his visit.
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