Dr Tauqeer Hussain Shah, Executive Director (designate) World Bank, has assured Pakistan the financial institution will enhance cooperation with the South Asian country.

The development came during Dr Shah’s meeting in Islamabad with Minister for Finance Dr Shamshad Akhtar on Thursday.

As per a statement released by the Finance Division, Dr Shamshad hoped Dr Shah will foster strong collaboration between Pakistan and the World Bank.

“Dr Shah thanked the finance minister for her guidance and immense support and assured to focus his energies on enhancing Pakistan’s cooperation with World Bank,” read the statement.

The ministers for privatisation and energy, Chairman Securities and Exchange Commission of Pakistan (SECP), Chairman Federal Board of Revenue (FBR), secretaries of Finance and Economic Affairs and the Country Director World Bank were also present at the occasion.

The World Bank in its latest report, “South Asia Development Update Toward faster, cleaner growth”, has projected positive growth return for Pakistan in fiscal year 2023-24, but at a rate of only 1.7%, while saying that the economy remains dependent on capital inflows to finance substantial fiscal and current account deficits.

The US dollar value of goods imports shrank by 26% in the year to August 2023 as a result of low demand alongside import and capital controls.

Input shortages have affected production, with exports declining five per cent in the year to August and industrial production shrinking by 15% in the year to June 2023, said the report.