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The World Bank and Pakistan reach consensus on a new partnership framework for reforms.

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10 months ago

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Meetings between Prime Minister (PM) Shehbaz Sharif and a delegation headed by Martin Raiser, Regional Vice President of the World Bank for South Asia, resulted in the agreement.

Praiseing the World Bank’s role in Pakistan’s growth, Prime Minister Shehbaz welcomed Martin Raiser.

After the floods in Pakistan in 2022, the prime minister expressed gratitude for the Bank’s cooperation in constructing climate-resilient infrastructure. He gave the delegation an overview of the government’s reform programme, which included ending child stunting, improving per acre production in agriculture, reforming the power sector, and digitising the entire tax system.

Martin Raiser expressed appreciation for Pakistan’s determined reform programme and stated that the World Bank was prepared to work with the nation to improve its economy in order to achieve sustainable development.

A new Country cooperation Framework with an annual review mechanism to evaluate progress and guarantee results was reached was agreed upon by both parties to initiate a long-term, targeted cooperation.

In order to accommodate future course corrections, the technique will be flexible. On a chosen list of crucial development goals for Pakistan, the new alliance aims to produce transformative effects over a ten-year period.

Structural economic reforms, including tax policy changes and domestic resource mobilisation, mainly through digitalization, were among the first set of goals that were discussed during the summit.

It was also explored how to improve basic learning and reduce child stunting through human capital development.

Reforms pertaining to the energy sector, such as broadening the role of the private sector in transmission and distribution, and shifting to renewable energy sources to make energy more affordable, environmentally friendly, and financially viable, were also deliberated.

Both sides stressed the need for cooperation in climate adaptation in order to effectively handle the increasing scarcity of water and shocks due to climate change.

Pakistan can gain from the Bank’s experience in leveraging digital transformation, building institutional capacity, mobilising global expertise and best practices, and engaging the private sector through the International Finance Corporation, Multilateral Investment Guarantee Agency, and the World Bank’s private sector arm to enhance economic opportunities, including in the agriculture sector.

The federal and provincial governments, as well as academic institutions, legislators, members of civil society, development partners, and the commercial sector, will all be consulted throughout the establishment of the new Country Partnership Framework, the parties agreed.

In order to discuss partnership priorities that are appropriately aligned with the Government of Pakistan’s strategy and top development priorities, the World Bank will work with relevant stakeholders.

Najy Benhassine, the country representative of the World Bank, and Dr. Kazim Niaz, the secretary of the Economic Affairs division, signed a joint communique in this regard, which the prime minister saw.

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The amount of trade between Saudi Arabia and Pakistan hits $700 million.

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Through the Special Investment Facilitation Council (SIFC), Pakistan’s trade connections with Saudi Arabia have grown significantly, with bilateral trade volume rising from $546 million to $700 million and exports to the Kingdom growing by 22%.

As bilateral economic cooperation continues to grow, Saudi investors have shown a strong interest in Pakistan’s construction, energy, agricultural, and information technology sectors. The objective for exporting IT services between the two countries has been raised from $50 million to $100 million.

Saudi Arabia has set up a help desk dedicated to making it easier for Pakistani IT companies to register in the Kingdom in order to expedite commercial procedures. The goal of this program is to speed up economic collaborations between the two countries and lower administrative barriers.

The well-known Saudi restaurant chain AlBaik has revealed plans to open locations in Pakistan, which is a big step for the food service industry and should lead to the creation of new job possibilities in the area.

Officials have noted that stronger business links between the two countries lead to greater economic stability, and the SIFC has played a crucial role in promoting these trade advancements. For bilateral trade and investment projects, the Council remains a crucial facilitator.

According to a trade official with knowledge of the developments, “the establishment of dedicated support mechanisms, such as the help desk for IT companies, demonstrates a commitment to long-term economic partnership,” The goal of these programs is to improve the conditions for commercial collaboration between the two nations.

The increasing amount of trade and the diversity of investment sectors show that Saudi Arabia and Pakistan’s economic ties are changing as both countries seek to deepen their business alliances in a number of industries.

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After more than 50 years, Bangladesh and Pakistan resume direct trade.

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After more than 50 years, the two governments will resume direct bilateral trade, with Bangladesh’s food ministry announcing Sunday that it will receive a supply of 25,000 tonnes of rice from Pakistan next month.

After former Prime Minister Sheikh Hasina was overthrown last August, relations between Bangladesh and Pakistan have begun to improve after decades of tense relations.

Since then, there have been increased bilateral interactions between Bangladesh and Pakistan. Nobel laureate Muhammad Yunus, the interim government’s senior adviser, has met twice with Pakistani Prime Minister Shehbaz Sharif.

According to the food ministry, Dhaka completed an agreement earlier this month to import grains from Pakistan.

“On March 3, the first shipment of 25,000 tonnes will reach Bangladesh,” Zia Uddin Ahmed, a ministry assistant secretary, told Arab News.

“This is the first time that Bangladesh has started importing rice from Pakistan at the government-to-government level since 1971.”

Following direct maritime contact between the two South Asian countries in November—a Pakistani cargo ship stopped in Bangladesh for the first time since 1971 with imports and exports arranged by private companies—their trade relations grew.

Resuming trade with Pakistan is a significant step for Bangladesh, according to Amena Mohsin, a lecturer at North South University and a specialist in international relations.

“We want to see progress in our bilateral relationship with Pakistan. Most significantly, we are currently going through a low point dispute with India, even though we constantly diversify our partnerships.

This most recent move to purchase rice from Pakistan is really significant in this context,” she told Arab News.

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The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

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3 days ago

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As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

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