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  • Feb 1st, 2005
  • Comments Off on World Bank asked to enhance soft loan facility
Prime Minister Shaukat Aziz on Monday asked the visiting World Bank (WB) officials to consider enhancing the soft loan facility (IDA) to help Pakistan develop its social sector. He was talking to a group of WB executive directors, which called on him at the Prime Minister House here. Terming the bank's role as critical in the development of the country, the Prime Minister said a long-term relationship could really transform the country.

If the country is provided the soft loan facility (IDA) by the bank, it could further accelerate the process of economic development, he observed.

To cater for funding requirements for the development of social sector, Pakistan needs enhanced IDA allocations consistent with its performance, he added. Dilating upon his development philosophy, the Prime Minister said it draws heavily from deregulation and privatisation with emphasis on transparency.

Referring to the economic turnaround, he stressed the need for bank's continued support for second-generation reforms.

The Prime Minister said those wide-ranging structural reforms, prudent macroeconomic policies, strict financial discipline and consistency and continuity of policies have transformed Pakistan into a resurgent economy.

The Premier appreciated the bank's support in the economic and social sector reforms, which have resulted in a positive impact on the enabling economic environment and poverty alleviation.

He hoped that the bank would participate in investment in sectors like infrastructure development, water resource development and power sector development.

He also highlighted efforts aimed at stabilising population growth and improving the agri-sector performance.

WB executive directors appreciated the country's performance in the economic field especially the turnaround achieved in recent years. Responding to a question form the delegation, the Prime Minister said the country is making efforts for the promotion of literacy and improvement and expansion of health care.

Copyright Business Recorder, 2005


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