ISLAMABAD: The World Bank has sanctioned $350 million for implementing institutional reforms in Pakistan. This financing, approved by the World Bank’s Board of Executive Directors for the Second Resilient Institutions for Sustainable Economy (RISE-II) Operation, targets bolstering fiscal management and enhancing competitiveness to drive sustained and inclusive economic growth.

Najy Benhassine, the World Bank Country Director for Pakistan, emphasized the urgent need for fiscal and structural reforms to re-establish macroeconomic stability and pave the way for sustainable growth. He highlighted RISE-II’s role in continuing the initial phase of tax, energy, and business climate reforms aimed at generating more revenue, refining expenditure focus, and fostering competitiveness and investment opportunities.

This operation focuses on enhancing fiscal management through improved policy coordination, transparency, and management of debt, while also fortifying property taxation and bolstering the financial stability of the power sector.

Additionally, the operation strives to stimulate growth and competitiveness by reducing tax compliance costs, enhancing transparency in the financial sector, advocating digital payment methods, and fostering exports through decreased import tariffs.

Najy Benhassine reiterated that this funding will play a vital role in curbing losses within the country’s energy sector.

Published in The Daily National Courier, December, 21 2023

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