WASHINGTON: The World Bank said on Monday that it would support Pakistan’s efforts to reduce its risks and achieve its development aspirations through broad economic reforms.
“The statement was made after discussions with a Pakistan delegation that covered a range of topics including the macro-economic outlook, human capital development, renewable energy and private sector development as well as infrastructure financing,” read a statement on the World Bank’s website.
“The productive talks during the World Bank-International Monetary Fund Annual Meetings in Washington D.C were held with a Pakistan delegation including Shahid Mahmood, Secretary, Finance Division, Tariq Bajwa, Governor the State Bank of Pakistan, and Arif Ahmed Khan, Secretary of the Economic Affairs Division. They met with a World Bank team led by Annette Dixon, Vice President, South Asia Region.”
“The country is facing headwinds in the external sector and a rising fiscal deficit that could put macro-economic management at risk. This has resulted in increased external financing needs of 5-6 percent of Gross Domestic Product (GDP) in financial year 2018, or around $17 billion, to cover rising current account deficit and debt payments.”