World Bank vows to help Pakistan in addressing economic issues

ISLAMABAD, Nov 26 (SABAH): The World Bank has reiterated commitment to assisting Pakistan in addressing economic challenges and achieving its developmental objectives.

The resolve was expressed during a meeting between Minister for Finance Senator Muhammad Aurangzeb and Country Director of the World Bank, Najy Benhassine and his team at the Finance Division.

The meeting was also attended by the Secretary Finance and senior officers of the Finance Division.

During the meeting, the Finance Minister highlighted the importance of collaboration with the World Bank to support Pakistan’s economic reforms and development agenda. He appreciated the World Bank’s financial and technical assistance across various sectors.

The Finance Minister reiterated the government’s commitment to fiscal discipline, sustainable growth, and efficient resource utilization.

The discussions focused on the establishment of a robust and transparent tax policy framework to enhance revenue mobilization and improve compliance while ensuring equitable taxation.

The World Bank team also offered technical assistance to streamline the budget-making process, adopting modern practices to improve transparency and accountability in public financial management, an effective debt management mechanism to ensure fiscal sustainability and reduce risks.

Issues related to Agricultural Income Tax Regime and GST harmonisation in coordination with provinces and enhanced focus on active role of National Tax Council also came under discussion.

The Finance Minister expressed gratitude for the World Bank’s support and reaffirmed the government’s resolve to implement reforms aimed at sustainable economic progress.

On the occasion, the Country Director of the World Bank appreciated the government’s reform initiatives and assured continued support from the World Bank in key areas identified during the discussions.