World Bank to Pakistan: Move From Stability to Growth as Economy Steadies

World Bank to Pakistan: Move From Stability to Growth as Economy Steadies

The World Bank has urged Pakistan to move from economic stabilisation to long-term, sustainable growth, telling the government that the hard-won stability of recent years must now turn into jobs and investment. The message came in talks last week between World Bank officials and Finance Minister Muhammad Aurangzeb in Islamabad, according to Dawn.

World Bank Regional Practice Director Sandeep Mahajan, Country Director Bolormaa Amgaabazar and the International Finance Corporation's Simon Andrews praised Pakistan for restoring macroeconomic stability and absorbing the pressure of regional conflict. But they argued the next phase must be driven by private investment and durable reforms, a message the International Monetary Fund has also pushed in recent months.

Aurangzeb pointed to Pakistan's recent return to international capital markets through a $3 billion Eurobond sale, with five-year and ten-year terms, as a sign of returning confidence. He said the government's priorities are durable stability, higher investor confidence, improved credit ratings and a stronger sovereign profile. The talks also covered privatisation, clearer regulation, predictable policy and financing for infrastructure, all areas the Bank says will decide whether growth lasts beyond the current stabilisation.

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