World Bank urges focus on fiscal, energy reforms – Business

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

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

Finance Minister Dar thanked the World Bank for its support of rescue and relief operations in the flood-affected areas, and in return, Malpass assured him 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 supporting Pakistan’s urgent needs in health, food, housing and cash transfers.

Dar, Sadiq Secures Bank Support For Flood Relief Efforts; IMF assures Pakistan continued support

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

“During my discussions 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.

“I am glad for your thoughts on the importance of Pakistan’s fiscal and energy reforms,” ​​he added.

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

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

The finance minister briefed Ms. Sayeh on the damage caused by the unprecedented flooding in Pakistan and shared the government’s vision to stabilize the economy and carry out a sustainable and resilient recovery. The IMF official welcomed the government’s policies and assured the IMF’s continued support for Pakistan, APP reported on Friday.

protests

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

They gathered outside the venue to remind participants that global debt payments “were not compatible with climate stabilization because high-interest payments put indebted nations at the mercy of multinational predators.”

Posted in Alba, October 15, 2022

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