WB offers technical and financial help to Pakistan to improve renewable energy - FINANCIAL-24
WASHINGTON: President The World Bank (WB) Dr Jim Yong Kim Monday offered The World Bank's technical and financial help in technological improvements in the renewable energy sector. He was talking to Finance Minister Senator Mohammad Ishaq Dar who called on him during the spring meetings of The World Bank and International Monetary Fund (IMF) in Washington on Monday. The two discussed in detail The World Bank's portfolio in Pakistan. Finance Minister acknowledged the role being played by The World Bank for resolving the disputes under the Indus Waters Treaty and urged expediting the process. He said the resolution of the issue "Would lead to water security in the region". Dar briefed President Kim about the improvement in the macro economic situation in the country which had been acknowledged and appreciated by the international financial institutions. Pakistan's economy was set to grow by over 5 percent in the fiscal year ending in June 2017, he said. The focus, he said, was now on making the growth inclusive and sustainable. For the purpose, he said the government was also focusing on the social sectors. Innovative measures, including Pakistan Development Fund and Pakistan Infrastructure Bank, were being undertaken to maintain the higher growth trajectory, he said. On his part, President Kim congratulated the finance minister on successful completion of the IMF programme and hoped that Pakistan would continue the reform process going forward to sustain the higher growth trajectory. Dar highlighted the potential for hydro power generation and water storage in the country and requested The World Bank's support in undertaking hydro power projects on Indus River cascade. President Kim assured The World Bank's continued support for projects like Dasu and Tarbela as well as other hydropower projects. The meeting was attended by Governor SBP, Finance Secretary, Secretary EAD and Pakistan's Executive Director in The World Bank. President Kim was accompanied in the meeting by The World Bank's Chief Executive Officer/ Managing Director Kristalina Georgieva and other senior management. Meanwhile, Finance Minister Senator Mohammad Ishaq Dar met with Deputy Managing Director of International Monetary Fund (IMF), Mitsuhiro Furusawa at Washington and apprised him about Article IV consultations held in Dubai recently. Minister Dar also informed him about the macro-economic situation in the country and highlighted the steps being taken by the government to achieve a higher growth trajectory on an inclusive and sustainable basis. He said that Pakistan would achieve a GDP growth of over 5 percent in the fiscal year ending June 2017. Minister Dar appreciated IMF's support and help for Pakistan and added that Prime Minister Nawaz Sharif and his Government were committed to the reforms program and adherence to sound economic policies. On his part, Furusawa congratulated Minister Dar on the successful completion of the IMF program. He appreciated the reform program in the country which had stabilized the economy and put it on a higher growth trajectory. Finance Minister was accompanied on the occasion by Governor SBP, Finance Secretary and Secretary EAD while IMF's Mission Chief for Pakistan Harald Finger was also present. - NNI |
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