World Bank calls for focus on fiscal and energy reforms


WASHINGTON: World Bank Group President David Malpass has urged Pakistan to implement fiscal and energy reforms to stabilize the economy and lay the foundation for sustained growth.

Malpass, who met Finance Minister Ishaq Dar and Economic Affairs Minister Ayaz Sadiq in Washington on Thursday, encouraged Pakistan to “focus on implementing” these reforms, according to a World Bank statement. .

Regretting the loss of lives and livelihoods due to the devastating floods, Mr. Malpass acknowledged that “Pakistan is one of the countries most affected by climate change, causing devastating damage to infrastructure and agricultural production. “.

Finance Minister Dar thanked the World Bank for supporting rescue and relief operations in flood-affected areas and in return received assurances from Mr Malpass that the bank would continue to work with Pakistan to overcome the socio-economic challenges caused by the floods. .

Mr. Malpass reaffirmed the bank’s commitment to meeting Pakistan’s urgent health, food, shelter and cash transfer needs.

Dar, Sadiq secured bank support for flood relief efforts; IMF assures Pakistan of continued support

He noted the bank’s active engagement in raising aid from bilateral donors and stressed “the importance of predictable economic policies to restore macroeconomic stability and market confidence,” the statement issued by his office said. .

“During my talks with Minister Muhammad Ishaq Dar, I was pleased to reaffirm the World Bank Group‘s support for Pakistan’s flood recovery efforts,” Malpass said in a tweet.

“Pleased with his thoughts on the importance of Pakistan’s fiscal and energy reforms,” ​​he added.

Climate-induced disasters have been at the center of discussions inside and outside World Bank headquarters this week, where financial leaders from around the world gather to examine the global economy.

The Finance Minister also held separate talks with IMF Deputy Managing Director Antoinette Sayeh and Islamic Development Bank President Dr. Muhammad Sulaiman Al Jasser.

The Minister of Finance briefed Ms. Sayeh on the damage caused by the unprecedented floods in Pakistan and shared the government’s vision to stabilize the economy and lead a sustainable and resilient recovery. The IMF official appreciated the government’s policies and assured the IMF’s continued support to Pakistan, APP reported on Friday.

Protests

Hundreds of protesters stormed into a World Bank/IMF meeting, chanting “Cancel all debts!” Repairs now!

They gathered outside headquarters to remind attendees that global debt repayments were “not compatible with climate stabilization because repayments at high interest rates put indebted countries at the mercy of multinational predators.”

Posted in Dawn, October 15, 2022

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