ISLAMABAD
\nMinister for Economic Affairs, Ahad Cheema, Monday welcomed a delegation from the World Bank Group, comprising Executive Directors and Alternate Executive Directors.
\nDuring the meeting, Cheema emphasized that privatizing State-Owned Enterprises (SOEs), particularly DISCOS, is a top priority for Pakistan.
\nHe expressed appreciation for the World Bank\u2019s third high-level delegation visit in a short span, seeing it as a testament to the institution\u2019s confidence in Pakistan\u2019s ongoing economic reforms and their strong partnership. This development highlights Pakistan\u2019s efforts to strengthen its economic ties with international organizations like the World Bank, said a press release issued here on Monday.
\nHe added that this visit aims to enhance understanding of Pakistan\u2019s economic, political, social, and governance landscape while exploring opportunities for future development support under the newly launched Country Partnership Framework (CPF) for 2026-2035.
\nMinister Cheema outlined the government\u2019s priority to privatize SOEs, recognizing that approximately one-third of these SOEs are strategic assets.
\nHe reiterated the government\u2019s goal to privatize the remaining SOEs in phases. In the first phase, the government is focusing on the privatization of power distribution companies (DISCOS), and in the second phase, Pakistan International
\nAirlines (PIA) and other SOEs are to be privatized. He shared that the government aims to privatize up to 50 SOEs over the next 3-4 years.
\nThe minister also emphasized the critical challenges currently faced by Pakistan\u2019s power sector, including high tariffs for consumers, significant losses in line efficiency, and the ongoing efforts to achieve full cost recovery for the sector.
\nHe acknowledged that renewable energy resources and addressing line losses were among the main areas of focus for Pakistan\u2019s energy strategy.
\nHighlighting the ongoing digitalization efforts, Minister Cheema stated that Pakistan is making significant strides in the digital transformation of its economy.
\nHe mentioned that comprehensive research and review of digitalization models had been completed, and the country is now advancing towards end-to-end digitalization of its institutions.
\nIn response to a question regarding youth employment and women\u2019s empowerment, Minister Cheema emphasized that the government is making substantial progress in both areas.
\nTechnical training programs for youth and women empowerment initiatives are running successfully, with adequate budgetary allocations to ensure their expansion.
\nHe added that training programs related to IT are going well, and we are one of the largest countries having trained freelancers.
\nThe minister also provided an update on Pakistan\u2019s economic stability, pointing out that circular debt levels are low, and the currency is recovering thanks to the government\u2019s effective measures.
\nHe highlighted that Pakistan\u2019s economy is on a positive trajectory with increased Public Sector Development Program (PSDP) funding aimed at strengthening infrastructure and social development projects.
\nIn their remarks, WB delegates commended the government of Pakistan for its commitment to reform and the remarkable progress made in addressing critical challenges.
\nThey expressed that World Bank\u2019s strong support for Pakistan\u2019s new CPF and affirmed that the World Bank remains steadfast in its partnership with Pakistan to help achieve its development goals.
\nThey also acknowledged the government\u2019s comprehensive reform agenda and highlighted the importance of aligning efforts to address urgent needs such as climate change, governance, and gender equality.
\nMinister Cheema underlined the need to develop a comprehensive strategy to address the key implementation issues such as project preparation and readiness, procurements, land acquistion etc. to successfuly achieve the expected outcomes of the new CPF.
\nHe expressed appreciation for the longstanding and unwavering support provided by the World Bank in Pakistan\u2019s development journey.
\nHe highlighted the World Bank\u2019s instrumental role in Pakistan\u2019s socio-economic progress, particularly in the aftermath of the COVID-19 pandemic and the catastrophic 2022 floods.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Minister for Economic Affairs, Ahad Cheema, Monday welcomed a delegation from the World Bank Group, comprising Executive Directors and Alternate Executive Directors. During the meeting, Cheema emphasized that privatizing State-Owned Enterprises (SOEs), particularly DISCOS, is a top priority for Pakistan. He expressed appreciation for the World Bank\u2019s third high-level delegation visit in a short […]<\/p>\n","protected":false},"author":2,"featured_media":399834,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-462224","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n