The president of the World Bank Group, Ajay Banga, met with Prime Minister Shehbaz Sharif in New York, where the prime minister praised the long-standing support of the bank to Pakistan, particularly during the Covid-19 pandemic and the devastating floods 2022.
Prime Minister Shehbaz informed Banga about the Government Comprehensive Reform Agenda that covers the mobilization of resources, the reforms of the energy sector, privatization and measures to generate resistance against climate change.
He said that these reforms have directed Pakistan towards macroeconomic stabilization, restored investor confidence and have promoted sustainable and inclusive economic growth.
The prime minister expressed his appreciation for the new World Bank Association framework (2026-2035), under which the bank has committed $ 40 billion unprecedented for Pakistan.
He reaffirmed Pakistan’s commitment to guarantee its effective implementation in close coordination with provincial governments.
Read: The right to assist non -negotiable self -govern, says OIC
Banga praised the current reform measures and reaffirmed the bank’s commitment to the Pakistan development agenda, emphasizing the preparation to extend continuous support to advance in economic reforms and long -term climatic resistance initiatives under the new CPF.
Both parties reiterated their resolution to further strengthen cooperation within the framework to advance Pakistan’s development priorities.
WB warns that Pakistan’s growth model does not cut poverty
The World Bank warned that Pakistan’s economic growth model is not reducing poverty, and poverty levels increase to a maximum of eight years. In his report “claiming impulse towards prosperity”, the bank said that 25.3% of the Pakistani lived below the national poverty line 201023-24, 7% more in just three years.
In the international poverty line, the figure remained in an amazing 44.7%. He added that 42.7% of the middle class candidate remains deprived of basic services such as clean water, sanitation, housing and affordable energy.
The report indicated that it aggravated the clashes, including the floods of 2022 that led 13 million people to poverty, as well as high inflation and a weak provision of public services.
Rural poverty was recorded at 28.2% compared to 10.9% in urban areas, with Baluchistan worse to 42.7%. Punjab had the lowest rate with 16.3%, but still represented 40% of the country’s poor due to the size of their population.
World Bank on X represented the trajectory of poverty
With 37% of young people outside work or education and participation of the female labor force trapped in 25.4%, the World Bank said that Pakistan’s growth has left most highly vulnerable homes.
He urged structural reforms, a stronger development and measures of the private sector to expand jobs and opportunities to protect poverty reduction gains earned with problems.
Pakistan in the Unga
The prime minister is in New York from September 22 to 26 to lead the Pakistan delegation in the 80th session of the United Nations General Assembly (UNGA), where it is focusing on Kashmir, Palestine, Gaza, Regional Security, Climate Change, Terrorism, Islamophobia and Sustainable Development.
Pakistan raised the theme of the Jammu and Kashmir illegally occupied from the Indians outside the meeting of the Islamic Cooperation Organization during the 80th session of the United Nations General Assembly.
Read more: PM Shehbaz goes to New York to participate in 80th Unga
In a statement from the Ministry of Foreign Affairs, Pakistan, together with Azerbaijan, Türkiye, Saudi Arabia and Niger, reiterated “unwavering support for the inalienable right of the people of Kashmir to self -determination.”
On the margin, he attends meetings with the UN Security Council, the Global Development Initiative and a special high -level event on climatic action, while conducting bilateral conversations with world leaders and high UN officials.
His participation, according to the Ministry of Foreign Affairs, reaffirms Pakistan’s commitment to multilateralism and the UN.
