Hammad discusses ongoing energy projects with WB delegates

The minister informed the delegation that due to effective measures by the government, growth in circular debt was being curtailed to a considerable amount.

He said that during the last fiscal year i.e 2020-21, Rs 130 billion was added in the circular debt registering a decline of Rs 408 billion in the circular debt flow as compared to previous year.

Hammad informed the delegation that this summer around 20% increase in peak demand for electricity had been registered which was a good omen for the energy sector and the economy.

The minister informed the delegation that Power Division had planned addition of considerable capacity in the existing transmission network by the end of the current fiscal year for which funds had also been allocated.

He underscored the importance of World Bank assistance in expansion and modernization of Pakistan’s electricity Transmission System.

The Vice President World Bank while acknowledging efforts by the Energy Ministry in slowing the growth of circular debt, renewed the commitment of World Bank to continue working with government in the Energy Sector.

He said that Pakistan had the potential of achieving growth rate of 6% to 7%.
He also stressed upon closer working between the experts group of Ministry of Energy and World Bank for achievement of targets.

Special Assistant to the Prime Minister on Power and Petroleum, Tabish Gauhar, Secretaries of Power and Petroleum Divisions, Pakistan Executive Director at World Bank, Naveed Kamran Baloch, Country Director Pakistan, Najy Benhssine and other senior officials attended the meeting.

Pakistan’s effective management of COVID crisis acknowledged

Mr Hartwig Schafer acknowledged the efforts made by Pakistan for effective management of the Covid-19 crisis.

During a meeting with Minister for Planning Development and Special Initiatives Asad Umar along with Country Director Najy Benhassine, he said, "the World Bank greatly values its partnership with Pakistan and supports the reform agenda undertaken by the present government".

He said that the Bank was fully committed to providing assistance to the developing countries for procurement of Covid-19 vaccines.

He highlighted that Pakistan’s efforts to curtail the Covid-19 pandemic through smart lockdown approach and addressing the socio-economic challenges through a fiscal stimulus package under Prime Minister Imran Khan’s vision of lives and livelihoods were being highly recognized and appreciated by the global community.

He further emphasized on timely completion of the ongoing policy reforms and development projects.

He also commended the efforts of the Ministry of Planning to resolve the long outstanding bottlenecks and expedite the project implementation on a fast track basis which is evident from the enhanced disbursement during the last fiscal year.

Asad acknowledged the significant contribution of the World Bank in the socio-economic development of the country.