NEW YORK: Prime Minister Shehbaz Sharif met with World Bank President Ajay Banga to discuss Pakistan’s comprehensive reform agenda and ongoing economic initiatives.
The meeting allowed both leaders to review Pakistan’s progress on structural reforms, economic resilience, and development priorities, highlighting the government’s commitment to sustainable growth and financial stability.
Deputy Prime Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, and Information Minister Atta Tarar also attended the meeting.
Prime Minister Sharif outlined the government’s major reform initiatives and thanked the World Bank for its longstanding support during major crises, including the COVID-19 pandemic and the devastating floods of 2022, which significantly affected Pakistan’s economy and society.
Ajay Banga praised Pakistan’s reform measures, emphasizing the importance of continuing structural improvements and strengthening governance. The Prime Minister commended Banga’s leadership in transforming the World Bank into a faster, more responsive, and more effective development partner.
He also welcomed the Bank’s new Country Partnership Framework for 2026–2035, highlighting its potential to support Pakistan’s long-term development goals and economic growth strategies.
In other key business and economic developments, public electricity distribution companies posted combined losses of PKR 87 billion in July, reflecting persistent challenges in the energy sector. Meanwhile, K-Electric recorded a net profit of PKR 4.13 billion for the previous fiscal year, indicating modest financial recovery.
Gold prices surged once again, reaching nearly PKR 400,000 per tola, following global commodity trends. The World Bank reported that poverty in Pakistan has increased by seven percent over the past three years, signaling ongoing socio-economic pressures.
The government has launched projects aimed at generating more than PKR 2 trillion in revenue and is considering a proposal to raise rewards for reporting tax evaders from PKR 5 million to PKR 150 million, as part of broader efforts to improve tax compliance and strengthen the national revenue base.
This meeting and the discussions it generated demonstrate Pakistan’s focus on economic reforms, international collaboration, and development-oriented partnerships, emphasizing the government’s active commitment to stability, growth, and resilience in the face of ongoing challenges.
