World Bank Pres­i­dent due to­day

The Pak Banker - - FRONT PAGE - Staff Reporter

World Bank Group Pres­i­dent Jim Yong Kim would ar­rive here on Tues­day for a two-day visit to Pak­istan.

World Bank Pres­i­dent would meet lead­ers and stake­hold­ers to find out how best to sup­port mak­ing the coun­try's eco­nomic re­forms more am­bi­tious, said a World Bank state­ment here Mon­day.

Kim would also dis­cuss how to make the most of Pak­istan's un­tapped eco­nomic po­ten­tial, the ad­van­tages of­fered by a young pop­u­la­tion, and the op­por­tu­ni­ties from its ge­o­graph­i­cal po­si­tion near huge mar­kets. He would also meet pri­vate sec­tor rep­re­sen­ta­tives to en­cour­age them to strengthen their role in eco­nomic de­vel­op­ment to en­sure job cre­ation for youth.

The World Bank Pres­i­dent would also meet tem­po­rar­ily dis­placed peo­ple, stu­dents, and the pro­vin­cial lead­er­ship. "The govern­ment has sta­bi­lized the econ­omy and it now wants to raise eco­nomic growth in or­der to cre­ate jobs for mil­lions", says Patchamuthu Il­lan­go­van, World Bank Coun­try Di­rec­tor for Pak­istan.

"The pres­i­dent will meet Prime Min­is­ter Nawaz Sharif and his eco­nomic team, pro­vin­cial chief min­is­ters and the pri­vate sec­tor to see what more sup­port the World Bank Group can pro­vide to Pak­istan and its peo­ple in end­ing ex­treme poverty and boost­ing shared pros­per­ity," the World Bank said.

The World Bank Pres­i­dent will also at­tend the launch­ing cer­e­mony of Uni­ver­sal Fi­nan­cial Ac­cess Ini­tia­tive on Tues­day. Sen­a­tor Muham­mad Ishaq Dar, Fed­eral Min­is­ter for Fi­nance, Rev­enue and Eco­nomic Af­fair and Ashraf Mah­mood Wathra Gov­er­nor State Bank of Pak­istan will also at­tend the cer­e­mony.

Pak­istan has de­vel­oped and launched its Na­tional Fi­nan­cial In­clu­sion Strat­egy (NFIS) last year. The goal of NFIS was to en­hance for­mal fi­nan­cial ac­cess to 50 per­cent of the adult pop­u­la­tion by 2020.

The im­por­tance of NFIS in­creases man­i­fold in the back­drop of new tech­nolo­gies and the rapid ex­pan­sion of branch­less bank­ing. Pak­istan is now lead­ing the way in South Asia in dig­i­tal fi­nance and branch­less bank­ing. Kim is ac­com­pa­nied by An­nette Dixon, Vice Pres­i­dent for the South Asia Re­gion of the World Bank, Dim­itris Tsit­sir­a­gos, Vice Pres­i­dent for Global Client Ser­vices of In­ter­na­tional Fi­nance Cor­po­ra­tion, the pri­vate sec­tor arm of the World Bank Group, and Jan Wal­liser, World Bank's Vice Pres­i­dent for Eq­ui­table Growth, Fi­nance, and In­sti­tu­tions.

The World Bank's pro­gramme in Pak­istan is gov­erned by its Coun­try Part­ner­ship Strat­egy (CPS) agreed with the govern­ment. The World Bank Pak­istan port­fo­lio has 26 in­vest­ment lend­ing projects un­der im­ple­men­ta­tion with a to­tal net com­mit­ment of $4.99 bil­lion.

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