WB, Pak Pak sign...
and remove entry barriers in the insurance sector.
In terms of Enhancing Fiscal Management the focus is on withdrawal of discriminatory concessions granted through SROs in the past; improving debt management; and strengthening of social safety net programs, Finance Minister added.
He said that the Ministry of Finance and the World Bank team had been working together on the DPC for quite sometimes and most of the agreed reform measures had already been completed. These reforms would enhance the competitiveness and promote ease of doing business in the country.
Anthony Cholst in his remarks on the occasion congratulated the Government of Pakistan for making significant progress in stabilizing the economy and initiating reforms for greater revenue mobilization and private sector growth.
“I would like to particularly acknowledge and appreciate the efforts of Minister Dar and the economic leadership team for their efforts in continuing reform momentum”, Cholst said. This operation recognizes Pakistan’s stepped up reform efforts in the business environment, revenue generation, State Owned Enterprises, debt management and making public spending more propoor, he added.
The World Bank Board which met on June22 and lauded Pakistan for pursuing a reform agenda and supported continuation of support to the Government in its endeavours.
Board members appreciated the progress made in the past three years by the Government and highlighted the financial innovation presented by this operation through combining IDA credit and IBRD Policy Based Guarantee.