World Bank assures continue its assistance for Pakistan

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APP130-26 ISLAMABAD: January 26 - Finance Minister Senator Mohammad Ishaq Dar in a meeting with Ms. Kvistaline I. Georgieva-CEO World Bank. APP

ISLAMABAD, Jan 26 (APP): Chief Executive Officer of World Bank Group
Kristalina I. Georgieva on Thursday said the World Bank would continue to assist Pakistan with consideration of a bigger package including the IDA, IBRD, including refugees crisis modalities.
The World Bank would also help in using its offices to find solution to the issues surrounding the Indus Water Treaty existing between the two neighboring countries.
Chief Executive Officer of World Bank Group Ms.Kristalina I. Georgieva said this in her meeting with the Finance Minister Muhammad Ishaq Dar here.
World Bank Group representatives included CEO, Ms. Geogieva Ms.
Annette Dixon,Director Franz Richard Dress-Gross,Executive Director for Pakistan in the World Bank,Nasir Khosa and Country Director, Pathumutho Illangovan were present, said in statement issued by Ministry of Finance here.
The Pakistan side was led by the Finance Minister and included Khawaja
Muhammad Asif,Minister for Water and Power, Attorney General of Pakistan and Secretaries of the Ministries of Finance, EAD, Statistics, Water and Power and Planning and Development.
During the discourse, the Minister for Water and Power conveyed that as per the government’s policy, Pakistan was desirous of good relations with all its neighbors including India and wanted the resolution of Indus Water Treaty within its scope, as the water issue was a big challenge nationally and globally.
The Finance Minster informed the delegation about the economic progress in the country, due to which Pakistan has become “IBRD qualified”.
All macro-economic indicators conveyed that Pakistan was on a rising growth trajectory.
He requested for 50% increase in IDA allocation for Pakistan as the current project profile in infrastructure, energy, social protection and regional connectivity projects was almost exhausted, from the IDA-17 pipeline.
Clarifying the private sector involvement in CPEC projects, he stated that out of US $ 46 billion, over US $ 30 billion was meant for private sector investment whereas the rest was for public sector financing in infrastructure including highways, energy sector and railways etc.
He informed that IFC participation in private sector projects was to be complemented by the government to the extent of 20% equity.
IFC was to develop Business Plans for such project financing and they would be not lagging behind, but the lead was to be taken by them,he added.
Regarding the issue concerning placement of NEPRA under the Ministry of Water and Power, it was conveyed that this was done only for administrative reasons, there are no fundamental changes and no rules were being altered.
The Minister also conveyed the importance of the Diamer Bhasa Dam and requested the Bank for providing assistance for its development as it will help in reducing the energy gap in a big way besides fulfilling agriculture needs.
The CEO World Bank assured their positive consideration for Pakistan’s
development needs and higher financial allocations.