World Bank Urges Pakistan to Accelerate $20 Billion Economic Reform Agenda

ISLAMABAD: The World Bank has called on the Pakistani government to expedite the implementation of policy actions under its $20 billion economic reform partnership. This initiative aims to harmonize sales tax, provincial agriculture and property taxes, and eliminate regulatory constraints to foster higher growth, enhance revenue mobilization, and facilitate trade and investment.

The World Bank group launched the 10-year country partnership framework for 2025-35 in January last year, which includes a total blended financing of approximately $20 billion, combining concessionary and commercial lending facilities. The current focus is on the implementation phase of the agreed reform agenda, as highlighted during a recent meeting between a World Bank delegation, led by country director Bolormaa Amgaabazar, and Finance Minister Muhammad Aurangzeb.

This call for action comes at a critical time for Pakistan, as the country grapples with economic challenges that necessitate urgent reforms. The successful execution of these reforms is expected to not only stabilize the economy but also attract foreign investment, which is crucial for sustainable growth and development.

Looking ahead, the World Bank and the Pakistani government are expected to hold further discussions to monitor progress and address any challenges in the implementation of the reform agenda. Stakeholders are keenly watching these developments, as they will significantly impact Pakistan’s economic trajectory in the coming years.