Pakistan pursuing reforms for economic stability: PM Shehbaz

Prime Minister Shehbaz Sharif has said the government is vigorously pursuing its reform agenda to stabilize the economy and achieve sustainable economic growth. He was talking to a delegation of the World Bank, led by its Country Director Ms. Bolormaa Amgaabazar, which called on him in Islamabad today. Welcoming the delegation, the Prime Minister appreciated Pakistan’s longstanding partnership with the World Bank and acknowledged the institution’s significant contribution to the country’s socio-economic development. He thanked the World Bank for its continued support to Pakistan’s development journey. He emphasized that Pakistan’s constitutional federal structure, provincial autonomy, and close cooperation and consultation between the federation and the provinces are 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 World Bank 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 covers issues relating to revenue generation, public expenditure, federal-provincial fiscal relations, institutional coordination, and the utilization of public resources. The delegation also presented a number of 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, saying 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 taking into account Pakistan’s constitutional and federal framework, so that practical proposals in the larger public interest can be considered.