Pakistani Economy to be on Sustainable Growth Trajectory soon

September 19, 2023

Caretaker Minister for Planning, Development, and Special Initiatives, Muhammad Sami, reaffirmed the government’s dedication to steering the national economy towards sustainable growth during a meeting with the World Bank’s Country Director to Pakistan, Njay Benhassine.

Accompanying Benhassine were members of his team, including Gailius J. Draugelis, Operations Manager for Pakistan at the World Bank, and Kamran Akbar, a Senior Social Development Specialist. The meeting was attended by officials from the Planning Ministry as well, including Malik Muhammad Ahmad Khan, CEO of P3A Board, Dr. Waqas Anwar, Member (Infrastructure & Regional Connectivity) at the Planning Commission, and Rafiullah Kakar, Member (Social Sector & Devolution).

Minister Sami expressed his appreciation for the World Bank’s significant role as a key development partner for Pakistan. He acknowledged the decades-long assistance provided by the World Bank, which has played a crucial role in driving socioeconomic progress in Pakistan. He further lauded the World Bank’s ongoing support and commitment to development projects in the country, particularly those aimed at addressing the aftermath of devastating floods.

Sami Saeed stressed the Planning Ministry’s commitment to facilitating the World Bank in the implementation of development projects aimed at making Pakistan more resilient to climate change. He reiterated the government’s unwavering determination to revitalize the country’s economy.

Notably, Pakistan faced unprecedented devastation last year due to torrential rains and widespread flooding, impacting 33 million people and resulting in economic losses totaling $30 billion. In response, the government initiated the Resilient Recovery, Rehabilitation, and Reconstruction Framework (4RF) to address the situation.

The 4RF framework emphasizes effective coordination and collaboration among federal and provincial governments, development partners, donors, international and national NGOs, academia, and the private sector. Many of the projects aimed at rehabilitating flood-affected areas are being executed by the provinces, with approval from the Central Development Working Party and the Executive Committee of the National Economic Council (ECNEC).

In conclusion, the meeting underscored the commitment of the government and its collaboration with the World Bank to tackle the challenges posed by natural disasters and promote sustainable development in Pakistan.