The president of the World Bank group, Ajay Banga, met Prime Minister Shehbaz Sharif in New York, where the Prime Minister praised the long-standing support of the bank in Pakistan, especially during the cocovide-19 pandemic and the devastating floods of 2022.
Prime Minister Shehbaz has informed Banga of the government’s complete reform program covering the mobilization of resources, energy sector reforms, privatization and measures to strengthen resilience against climate change.
He said these reforms directed Pakistan to macroeconomic stabilization, restored to the confidence of investors and favored sustainable and inclusive economic growth.
The Prime Minister expressed his assessment of the new National Partnership of the World Bank (2026-2035), under which the bank committed $ 40 billion unprecedented for Pakistan.
He reaffirmed Pakistan’s commitment to ensure its effective implementation in close coordination with provincial governments.
Read: The law of cashmere in non-negotiable auto-rame, says the OIC
Banga congratulated the ongoing reform measures and reaffirmed the Bank’s commitment to the Pakistan development program, emphasizing the disposition to extend continuous support to advance economic reforms and long -term climate resilience initiatives within the framework of the new CPF.
The two parties reiterated their determination to further strengthen cooperation in the context to advance Pakistan’s development priorities.
WB warns Pakistan’s growth model which has failed to reduce poverty
The World Bank has warned that Pakistan’s economic growth model fails to reduce poverty, poverty levels reaching an eight -year summit. In its report “by recovering the momentum towards prosperity”, the bank said that 25.3% of Pakistanis lived below the national poverty line during the 20123-24 financial year, up 7% in just three years.
On the international poverty line, the figure was held at 44.7%. He added that 42.7% of the middle class in budding remains private of basic services such as drinking water, sanitation, housing and affordable energy.
The report underlined the aggravating shocks – including the floods of 2022 which led 13 million more people in poverty – as well as high inflation and a low provision of public services.
Rural poverty was recorded at 28.2%, compared to 10.9%in urban areas, with Balutchistan, the least affected at 42.7%. Punjab had the lowest rate at 16.3% but still represented 40% of the poor in the country due to the size of its population.
The World Bank on X represented the trajectory of poverty
With 37% of young people at work or education and women’s participation in the workforce remained at 25.4%, the World Bank said that Pakistan consumption growth has made most of the households very vulnerable.
It urged structural reforms, development and stronger measures in the private sector to extend jobs and opportunities to protect gains in hard -won poverty.
Pakistan at Unga
The PM is in New York from September 22 to 26 to lead the Pakistan delegation to the 80th session of the United Nations General Assembly (Unga), where it focuses on cashmere, Palestine, Gaza, regional security, climate change, terrorism, Islamophobia and sustainable development.
Pakistan raised the question of the Indians illegally occupied the Jammu and the cashmere on the sidelines of the organization of Islamic cooperation during the 80th session of the United Nations General Assembly.
Find out more: PM Shehbaz goes to New York to participate in the 80th Unga
In a statement from the Ministry of Foreign Affairs, Pakistan – attached by Azerbaijan, Türkiye, Saudi Arabia and Niger – expressed “unshakable support for the inalienable right of the cashmere people to self -determination”.
On the sidelines, he attended meetings with the United Nations Security Council, the Global Development Initiative and a special high -level event on climate action, while organizing bilateral discussions with world leaders and senior UN officials.
According to the Ministry of Foreign Affairs, his participation reaffirms Pakistan’s commitment to multilateralism and the UN.
