Focusing on the priority areas identified by the prime minister and to facilitate rapid growth for poverty reduction, the World Bank gave a presentation to the government''s economic team on second-generation reforms, human development, water security, energy security and infrastructure.
The indicative lending programme for four years has been estimated at around $4.860 billion.
Dr Salman Shah asked the World Bank representatives to suggest an action plan to modernise governance, bring the process and multiplicity of laws/regulations into the 21st century so as to improve the investment climate, which can enhance competitiveness. He also emphasised upon the need for pension reforms and creation of pension fund.
Discussing the reforms for education sector, the adviser said that there is a need to chalk out a comprehensive strategy to improve technical education in Pakistan keeping in view the demand of technical personnel of various sectors, including textile, engineering, automobile, IT and other industries.
The World Bank team highlighted salient features of the human development programme covering health and education in all the four provinces of Pakistan. For water sector, the World Bank proposed an efficient, equitable, sustainable irrigation infrastructure and drainage services to support 3-4 percent growth in agriculture sector by rehabilitation of canals and improvement in barrages.
The adviser asked the World Bank to review their programmes for water sector in the context of second Indus Basin development initiative with a strategy of rehabilitation and expansion of the current water resources and improvement in the management system.
In the energy sector, the World Bank suggested creation of a financially viable and competitive power sector with a corporatised structure, adequate investment programme, cost reduction and cost recovery plans.
Referring to the oil and gas sector they stressed upon the need for more investment in exploration and development, expanded transmission, distribution system and market-based entry and exit and market-based pricing regime.
They also suggested capacity-building programmes for the Water and Power Ministry, National Electric Power Regulatory Authority (Nepra) and Oil and Gas Regulatory Authority (Ogra) in addition to public-private sector partnership programmes to produce more energy, which should support 8-10 percent annual growth.
Salman Shah also asked the World Bank to focus on Lahore-Karachi transport corridor as well as on the improvement of railways, which has the capacity of carrying passengers and cargoes at a cheaper cost.