Latest news with #NajyBenhassine
Business Recorder
5 days ago
- Business
- Business Recorder
Aurangzeb praises World Bank's valuable contributions to Pakistan
ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb, on Friday, met with the World Bank Pakistan team, including Najy Benhassine, outgoing country director, and Bolormaa Amgaabazar, incoming Country Director for Pakistan. During the meeting, the finance minister warmly welcomed Bolormaa Amgaabazar to Pakistan and extended his best wishes for her upcoming assignment. He expressed confidence that the collaborative efforts between Pakistan and the World Bank would continue to flourish under her leadership. Ahsan vows to deepen cooperation with World Bank Aurangzeb also took the opportunity to commend Najy Benhassine for his valuable contributions and unwavering support to the Government of Pakistan throughout his tenure. He acknowledged Benhassine's role in strengthening the development partnership and wished him success in his future endeavours. Highlighting the enduring relationship between Pakistan and the WB, the minister expressed gratitude for the bank's generous financial and technical assistance across key sectors of the economy. He emphasised the importance of the recently signed 10-year Country Partnership Framework (CPF) as a pivotal element in Pakistan's economic roadmap, noting its potential to transform critical sectors through strategic and well-coordinated implementation. Aurangzeb underscored the significance of effectively executing the CPF's Country Financing Framework (CFF), describing it as essential to unlocking the full benefits of the WB's support. He particularly praised the institutional, technical, and financial backing consistently provided by the bank. The minister also highlighted the recent successful completion of the International Monetary Fund (IMF) review and the subsequent $1 billion disbursement under the Extended Fund Facility (EFF), along with additional resources made available through the Resilience and Sustainability Facility (RSF). He noted that development finance must be guided by merit and objective assessment, rising above political considerations to ensure sustainable progress. The meeting reaffirmed the mutual commitment to strengthening Pakistan's economic resilience and advancing inclusive development through strategic partnerships. Copyright Business Recorder, 2025
Business Recorder
5 days ago
- Business
- Business Recorder
Punjab govt, World Bank agree to boost partnership
LAHORE: Chief Minister Punjab Maryam Nawaz Sharif met Country Director World Bank Najy Benhassine in which it was agreed to further strengthen ever growing partnership between the World Bank and the Punjab government. The CM warmly welcomed the Country Director World Bank Najy Benhassine and paid tribute to his outstanding services rendered in Pakistan since 2020. The Chief Minister said, 'Punjab government holds in high esteem its strong, effective and long-standing partnership with the World Bank. The World Bank is providing valuable assistance to the Punjab government in various social and development sectors including education as well as health. The new $40 billion Country Partnership Framework between Pakistan and the World Bank is a manifestation of the vision of CPF 'Uraan Pakistan'.' She highlighted, '12 projects worth $2.4 billion are underway in Punjab with the support of the World Bank. The Punjab Rural Sustainable Water Supply & Sanitation, Resilient Inclusive, Agriculture Transformation and Human Capital Investment projects are improving service delivery in the province.' She outlined, 'The Punjab Rural Sustainable Water Supply & Sanitation Program is being expanded throughout the province. The Punjab government is making untiring strives to provide clean water and sanitation to all the villages in the province. We are striving to further strengthen the partnership between the World Bank and the Punjab government.' Copyright Business Recorder, 2025
Business Recorder
30-04-2025
- Business
- Business Recorder
World Bank approves $108m more aid for KP projects
ISLAMABAD: The World Bank has approved $108 million in additional financing for the Rural Accessibility Project ($78 million) and the Khyber Pakhtunkhwa Integrated Tourism Development Project ($30 million) to enable both projects to achieve their objectives in improving access to health and education services, markets and jobs, in a way that strengthens resilience to natural disasters in the province. 'By rehabilitating critical rural road infrastructure and enhancing disaster preparedness, the Khyber Pakhtunkhwa Rural Accessibility Project and the Khyber Pakhtunkhwa Integrated Tourism Development Project are not only improving access to essential services like health and education, but also fostering climate, economic resilience and creating job opportunities for local communities,' said Najy Benhassine, World Bank Country Director for Pakistan. The $78 million in additional financing for the Khyber Pakhtunkhwa Rural Accessibility Project (KPRAP) will focus on providing safe and climate resilient road infrastructure, by upgrading and rehabilitating rural roads, thereby improving access to services including schools, health facilities, and markets. The project is also supporting safe and affordable transport to school for girls. Overall, around 1.76 million people are expected to benefit from the project. 'This additional financing underscores the World Bank's commitment to supporting Pakistan's and Khyber Pakhtunkhwa Province's development goals,' said Muhammad Bilal Paracha, Task Team Leader for the project. 'The project is crucial for improving the lives of people in the province, particularly women and girls, by enhancing access to essential services and economic opportunities.' The $30 million in additional financing for the Khyber Pakhtunkhwa Integrated Tourism Development Project (KITE) will help enhance the province's tourism sector by completing the rehabilitation of two roads that will improve access to the province's pristine tourist spots in the vicinity. It will also support technical assistance and capacity building for the tourism industry and public sector stakeholders. The additional financing will support better destination management, heritage conservation, and the integration of digital platforms in Khyber Pakhtunkhwa's tourism industry. 'The KITE project is encouraging responsible tourism in Khyber Pakhtunkhwa in collaboration with public and private sector stakeholders,' said Kiran Afzal, Task Team Leader for the project. 'This means better roads, improved tourist facilities, and more opportunities for local communities to benefit from the growth of the tourism economy. The project will create jobs, train local people, and preserve the country's rich cultural heritage.' Copyright Business Recorder, 2025
Business Recorder
29-04-2025
- Business
- Business Recorder
World Bank approves $108mn additional financing for KP projects
ISLAMABAD: The World Bank has approved $108 million in additional financing to the Rural Accessibility Project ($78 million) and to the Khyber Pakhtunkhwa Integrated Tourism Development Project ($30 million) to enable both projects achieve their objectives in improving access to health and education services, markets and jobs, in a way that strengthens resilience to natural disasters in the province. 'By rehabilitating critical rural road infrastructure and enhancing disaster preparedness, the Khyber Pakhtunkhwa Rural Accessibility Project and the Khyber Pakhtunkhwa Integrated Tourism Development Project are not only improving access to essential services like health and education, but also fostering climate, economic resilience and creating job opportunities for local communities,' said Najy Benhassine, World Bank Country Director for Pakistan, in a statement on Tuesday. IMF-World Bank meetings end with little tariff clarity, but economic foreboding The $78 million in additional financing for the Khyber Pakhtunkhwa Rural Accessibility Project (KPRAP) will focus on providing safe and climate resilient road infrastructure, by upgrading and rehabilitating rural roads, thereby improving access to services including schools, health facilities, and markets. The project is also supporting safe and affordable transport to school for girls. Overall, around 1.76 million people are expected to benefit from the project. 'This additional financing underscores the World Bank's commitment to supporting Pakistan's and Khyber Pakhtunkhwa Province's development goals,' said Muhammad Bilal Paracha, Task Team Leader for the project. 'The project is crucial for improving the lives of people in the province, particularly women and girls, by enhancing access to essential services and economic opportunities.' The $30 million in additional financing for the Khyber Pakhtunkhwa Integrated Tourism Development Project (KITE) is expected to help enhance the province's tourism sector by completing the rehabilitation of two roads that will improve access to the province's pristine tourist spots in the vicinity. Pakistan: World Bank likely to extend CD for CASA-1000 It will also support technical assistance and capacity building for the tourism industry and public sector stakeholders. The additional financing will support better destination management, heritage conservation, and the integration of digital platforms in Khyber Pakhtunkhwa's tourism industry. 'The KITE project is encouraging responsible tourism in Khyber Pakhtunkhwa in collaboration with public and private sector stakeholders,' said Kiran Afzal, Task Team Leader for the project. 'This means better roads, improved tourist facilities, and more opportunities for local communities to benefit from the growth of the tourism economy. The project will create jobs, train local people, and preserve the country's rich cultural heritage.'
Arab News
24-04-2025
- Business
- Arab News
World Bank projects 2.7 percent growth for Pakistan in FY2025
ISLAMABAD: Pakistan's economy is projected to grow by 2.7 percent in the fiscal year ending June 2025, the World Bank said on Wednesday, indicating signs of stabilization amid easing inflation and improved financial conditions. The World Bank, in its latest report titled 'Reimagining a Digital Pakistan,' said the real GDP growth is expected to benefit from a rebound in private consumption and investment, driven by easing inflation, lower interest rates and improving business confidence. This improvement in Pakistan's economy is supported by declining inflation, which fell to 1.5 percent in February, prompting the central bank to reduce its policy rate to 12 percent after a series of cuts totaling 1,000 basis points since June 2024. Despite these positive indicators, the country faces significant external financing challenges, including over $22 billion in external debt repayments, highlighting the need for continued structural reforms and fiscal consolidation. 'Pakistan's economy continues to stabilize and is expected to grow by 2.7 percent in the current fiscal year ending June 2025, up from 2.5 percent in the previous year,' the World Bank said. It added that agricultural growth remained modest due to unfavorable weather conditions and pest outbreaks while industrial activity weakened due to rising input costs, increased taxation and cuts in government expenditure. The report said growth in Pakistan's services sector remained 'muted' due to spillover effects from weak agricultural and industrial activity, which will make it challenging for the government to create jobs and reduce poverty. 'Pakistan's key challenge is to transform recent gains from stabilization into economic growth that is sustainable and adequate for poverty reduction,' World Bank Country Director for Pakistan, Najy Benhassine, said. 'High-impact reforms to prioritize an efficient and progressive tax system, support a market-determined exchange rate, reduce import tariffs to boost exports, improve the business environment and streamline the public sector would signal strong reform commitment, build confidence, and attract investment.' The report said real GDP growth was expected to rise to 3.1 percent in FY26 and 3.4 percent in FY27 due to the predicted ongoing macroeconomic stabilization and the implementation of key economic reforms. 'The April 2025 edition, Taxing Times, projects regional growth to slow to 5.8 percent in 2025 — 0.4 percentage points below October projections — before ticking up to 6.1 percent in 2026,' the World Bank said. 'This outlook is subject to heightened risks, including from a highly uncertain global landscape, combined with domestic vulnerabilities including constrained fiscal space.'
