Islamabad: Prime Minister Shehbaz Sharif has stated that the government is vigorously pursuing its reform agenda to stabilize the economy and achieve sustainable economic growth. He communicated this during a meeting with a delegation from the World Bank, led by its Country Director Ms. Bolormaa Amgaabazar, in Islamabad.
According to Radio Pakistan, the Prime Minister welcomed the delegation and expressed appreciation for Pakistan's longstanding partnership with the World Bank. He acknowledged the institution's significant contributions to the country's socio-economic development and thanked it for its continued support of Pakistan's development journey. Prime Minister Sharif emphasized the importance of Pakistan's constitutional federal structure, provincial autonomy, and the close cooperation between the federation and the provinces as fundamental to the country's development and stability.
During the meeting, the World Bank Country Director presented the report titled "Strengthening Fiscal Federalism in Pakistan" and briefed the Prime Minister on its key findings. The delegation shared its analysis of the evolution of fiscal federalism in Pakistan following the 18th Constitutional Amendment and the 7th National Finance Commission (NFC) Award. The report addresses issues related to revenue generation, public expenditure, federal-provincial fiscal relations, institutional coordination, and the utilization of public resources.
The World Bank delegation also presented several policy recommendations aimed at strengthening fiscal discipline, improving the efficient use of resources, enhancing public service delivery, and promoting effective coordination between federal and provincial institutions. The Prime Minister appreciated the World Bank's comprehensive analysis and its comparative review based on international best practices, noting that such studies provide valuable guidance for informed policymaking.
He directed the formation of a high-level committee to conduct a detailed review of the report. The committee will examine the World Bank's recommendations in consultation with all relevant stakeholders, including the provinces, while considering Pakistan's constitutional and federal framework, to develop practical proposals in the larger public interest.