WORLD BANK PRESIDENT PRAISES PAKISTAN'S RECENT ECONOMIC ACHIEVEMENTS

 

World Bank President James D. Wolfensohn has praised Pakistan's economic achievements and its bold reform program urging the importance of avoiding the risk of complacency that sets in with success, and emphasized that the challenge now is to sustain reforms in order to accelerate growth and achieve the Millennium Development Goals.

"The progress has been terrific. Now Pakistan must stay the course until
the benefits of its achievements reach the vulnerable sections of the
society including the very poor, women, children and the disabled," said
Mr. Wolfensohn, at the conclusion of a three-day visit to Pakistan today.
"You cannot deal with poverty without rapid growth. Pakistan has done very
well on accelerating growth all across the macro-economic front. This
enables it to concentrate on improving social outcomes." The president
emphasized that Pakistan still has a long way to go in terms of achieving
its human development goals, and that a renewed focus on better social
service delivery, and empowerment of women will allow Pakistan to
contribute to the achievement of the Millennium Development Goals.

Sharing his impressions from his three-day visit to Pakistan during the
concluding Press conference, Mr. Wolfensohn said that he was very happy to
be back in Pakistan where he has always felt welcome. He said he was
particularly impressed by the performance of the reform process. He met
with President Pervez Musharraf, Prime Minister (PM) Shaukat Aziz, his
advisor on finance, economic team and key members of the cabinet. "Seven
percent growth by a country which was hovering around three percent a few
years back is quite an achievement. With continued implementation of the
priorities laid down in Pakistan's Poverty Reduction Strategy, the country
is now ready to unleash its potential ensuring that benefits reach the
most vulnerable, significantly reducing poverty and improving living
standards for the population."

President Pervez Musharraf hosted Mr. Wolfensohn at a luncheon, where he
conferred upon him the award of Hilal-e-Pakistan, in recognition of his
support and leadership for the attainment of economic growth, poverty
alleviation and good governance in Pakistan. Discussing the way forward
with Mr. Wolfensohn, in his meeting today, Prime Minister Shaukat Aziz,
underlined the following four priority areas: education, water, energy and
initiation of second-generation reforms.

Praising the Prime Minister's vision Mr. Wolfensohn said "improvements in
education and health; strengthening and supporting Small and Medium
Enterprises; special emphasis on rural development; and provision of all
related infrastructure holds the key to substantive poverty reduction in
Pakistan."

Mr. Wolfensohn praised Pakistan's vibrant civil society organizations,
private sector entrepreneurs and captains of business and industry he met
during his visit. "The group I met working on disability, HIV/AIDS, and
rural development was very inspiring. They are in the f rontline,
confronting with innovative ideas and tremendous energy these very
difficult and challenging problems," he added.

Replying to questions regarding the Baglihar dam issue, Mr. Wolfensohn
said that the Indus Waters Treaty has served both countries very well over
the years. It has very comprehensive procedures to resolve differences and
the World Bank is following those procedures very carefully and
meticulously in response to Pakistan's request for the appointment of a
neutral expert.

Mr. Wolfensohn also had a meeting with officials from the Government of
Punjab, where he praised the education sector reforms undertaken in the
province. He also discussed health and water sector reforms in during this
meeting.

Pakistan joined the World Bank in July 1950. Since 1952, the World Bank
has approved 96 loans and 163 credits for Pakistan totaling more than
US$15 billion. Lending for FY05 is estimated to be around US$950 million.

 

For more information on the World Bank's activities in Pakistan, visit:

http://www.worldbank.org.pk.