World Bank praises economic reforms in Pakistan
The World Bank (WB) has lauded the economic reforms in Pakistan, and said that the country has improved credit rating to a great extent.
This appreciation was expressed by WB Country Director Rachid Benmessoud, who said that the economic reforms had markedly improved Pakistan’s credit rating and increased funding by development partners. He lauded the finance minister’s keen interest in economic reforms of the country.
The two sides also discussed various sectors of development in Pakistan, whioch are funded by the WB. During the meeting, the finance minister appreciated the active role of the outgoing country director in promoting financial assistance for development projects in Pakistan.
The minister shared with Rachid Benmessoud plans for bilateral meetings with the top US leadership as well as his participation in the annual meeting of WB and International Monetary Fund (IMF).
It to be noted that Pakistan has received foreign direct investment (FDI) of $119.3 million in the first two months of 2015-16, which is 7.5% higher than the FDI received in the same period of the preceding fiscal year.
According to data released by the State Bank of Pakistan (SBP), FDI increased by $8.3 million year-on-year (YoY) in July-August, as it amounted to almost $111 million in the corresponding months of 2014-15.
Pakistan has faced low levels of foreign investment in recent years. In a statement last week, the SBP had called the increase in FDI “imperative” for the sustainability of the economy’s external sector.
“Recent improvements in the law and order situation and continued macroeconomic stability are likely to increase the prospects for long-term foreign capital inflows,” the SBP stated.