January 26, 2017

MS. KRISTALINA I. GEORGIEVA, CHIEF EXECUTIVE OFFICER (IBRD/IDA), WORLD BANK GROUP called on the Prime Minister Muhammad Nawaz Sharif at PM House Islamabad today.


Prime Minister welcomed the CEO on her first visit to Pakistan and congratulated on appointment as Chief Executive Officer of the WBG. PM stated that Pakistan highly places its partnership with the World Bank since 1952 and appreciated its investment of US$ 31.0 billion (from 1952 till date) in social, infrastructure, water and energy sectors. PM also appreciated the disbursement of US$ 2.5 billion since 2014 till date through a series of Development Policy Credits to Pakistan for carrying out structural reforms in growth and energy. PM reaffirmed the Government’s commitment to take these reforms forward. The support of the WB in the energy sector projects including Tarbela-IV, Tarbela-V and Dasu Hydropower Projects are also valuable to Pakistan, PM added.


PM emphasized that the Government is focused on development of hydropower projects (mega Dams) all along the Indus cascade and small and medium dams in Balochistan to meet energy demands. In this regard Diamer-Basha Dam is a project of national importance as it will considerably change the energy mix, produce affordable electricity and store water.


PM discussed the resolution of dispute arisen between India and Pakistan regarding construction of Hydro-Electric Plants (specifically Kishenganga and Ratle Hydro-electric Plants) and water reservoirs on the Western Rivers by India in violation of the Indus Water Treaty, 1960, to which the World Bank is a signatory. PM hoped that World Bank will play a lead role in resolution of disputes through establishment of a Court of Arbitration.


PM expressed gratitude for the support for rehabilitation and reconstruction of the Temporarily Displaced Persons (TDPs) by providing US$ 75 million and informed that the return process of the TDPs is on fast track. PM also informed that Government is spending huge resources from its own budget to rehabilitate the TDPs.


PM stated that my Government is focused on economic revival and requires huge investments in energy, infrastructure and social protection. The results of these measures taken by the government are already visible. Structural reforms are on track and economic growth has picked up. In order to maintain the momentum, the Government would need enhanced support of the development partners in energy, infrastructure particularly rail and roads network, education & skill development, PM added.


PM thanked MS. KRISTALINA I. GEORGIEVA on her first bilateral visit as CEO to Pakistan which is indicative of interest and commitment for the mutual relationship between Pakistan and the World Bank.


CEO World Bank stated that Pakistan has made great progress in energy, infrastructure and overall economic stability. ‘I am impressed to see the infrastructure while visiting the Terbela Hydro power extension project and there is a sea of positive change in Pakistan as compared to 2011 when I last visited’, said the CEO World Bank. Conditions are right for investment in Pakistan and there is marked improvement in economic condition of Pakistan due to your leadership and personal commitment’, added the CEO.


Ms. Annette Dixon, Vice President, South Asia Region, World Bank conveyed message from the President of World Bank to Prime Minister stating that ‘During the tenure of PM Muhammad Nawaz Sharif, Pakistan has achieved political & economic stability and has improved security situation considerably. Pakistan is now on a higher growth trajectory’.


CEO World Bank congratulated the PM on exceptional performance of Pakistan’s economic indicators and said that the World Bank will support all measures that will sustain the rate of economic growth.