World Bank Group President to reach Pakistan tomorrow


ISLAMABAD: World Bank Group President Jim Yong Kim would arrive here on Tuesday for a two-day visit to Pakistan.

World Bank President would meet leaders and stakeholders to find out how best to support making the country’s economic reforms more ambitious, said a World Bank statement here Monday.

Kim would also discuss how to make the most of Pakistan’s untapped economic potential, the advantages offered by a young population, and the opportunities from its geographical position near huge markets.

He would also meet private sector representatives to encourage them to strengthen their role in economic development to ensure job creation for youth.

The World Bank President would also meet temporarily displaced people, students, and the provincial leadership.

“The government has stabilized the economy and it now wants to raise economic growth in order to create jobs for millions”, says Patchamuthu Illangovan, World Bank Country Director for Pakistan.

“The president will meet Prime Minister Nawaz Sharif and his economic team, provincial chief ministers and the private sector to see what more support the World Bank Group can provide to Pakistan and its people in ending extreme poverty and boosting shared prosperity,” the World Bank said.

The World Bank President will also attend the launching ceremony of Universal Financial Access Initiative on Tuesday.

Senator Muhammad Ishaq Dar, Federal Minister for Finance, Revenue and Economic Affair and Ashraf Mahmood Wathra Governor State Bank of Pakistan will also attened the ceremony.

Pakistan has developed and launched its National Financial Inclusion Strategy (NFIS) last year. The goal of NFIS was to enhance formal financial access to 50 percent of the adult population by 2020.

The importance of NFIS increases manifold in the backdrop of new technologies and the rapid expansion of branchless banking.

Pakistan is now leading the way in South Asia in digital finance and branchless banking.

Kim is accompanied by Annette Dixon, Vice President for the South Asia Region of the World Bank, Dimitris Tsitsiragos, and Vice President for Global Client Services of International Finance Corporation, the private sector arm of the World Bank Group, and Jan Walliser, World Bank’s Vice President for Equitable Growth, Finance, and Institutions.

The World Bank’s program in Pakistan is governed by its Country Partnership Strategy (CPS) agreed with the government.

The World Bank Pakistan portfolio has 26 investment lending projects under implementation with a total net commitment of $4.99 billion.

“To date, we have committed over $5.6 billion in Pakistan, including $1.2 billion during the 2015 fiscal year”, the statement said.

The International Finance Corporation (IFC’s) advisory services program in Pakistan is one of its largest in the region, with 13 active projects and a funding commitment of over $20 million.

SOURCE: APP

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