Pakistan and the World Bank have discussed a range of economic reforms aimed at improving the business environment. The discussions focused on investment, jobs, and private-sector growth.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held the meeting with a World Bank delegation. Country Director Bolormaa Amgaabazar led the delegation during the meeting.
The two sides reviewed progress on ongoing economic reforms. They also discussed priorities for implementing the next phase of the reform program.
A proposed World Bank growth and jobs operation was a major part of the discussions. The initiative includes measures to improve Pakistan’s investment climate.
The program also aims to expand access to financing across different sectors. It seeks to improve productivity and support broader private-sector activity.
The World Bank proposed measures to reduce regulatory and business constraints. These measures are intended to make it easier for businesses to operate and expand.
Support for small and medium-sized enterprises was also discussed. The two sides reviewed ways to improve financing opportunities for SMEs.
Another proposal involves developing export-finance products for the EXIM Bank of Pakistan. These products could support businesses involved in international trade.
The meeting also covered the Prime Minister’s Access to Finance initiative. Officials discussed ways to strengthen the initiative through several legal and regulatory measures.
These measures include a unified insolvency framework and factoring legislation. Regulations to expand financing opportunities for SMEs were also reviewed.
Sector-specific reforms were another area of discussion. Officials reviewed proposed changes involving pharmaceuticals, medical products, and agriculture.
The agriculture-related measures include changes to seed registration procedures. The discussions also covered deregulation of selected commodities.
The World Bank also highlighted international accreditation for Pakistani businesses. Such measures could help local companies meet international market requirements.
Tariff reforms were discussed under the National Tariff Policy. The automotive sector was specifically included in the reform discussions.
The tariff measures are intended to address competitiveness and productivity. They also aim to support investment and export growth.
Tax reforms formed another major part of the meeting. The World Bank is providing technical assistance for the Medium-Term Revenue Strategy.
Revenue-policy modelling was also discussed during the meeting. Officials reviewed GST harmonisation and coordination between federal and provincial authorities.
Improving tax data sharing was another area under consideration. The discussions also included agricultural income tax reforms.
Changes to provincial property taxation were reviewed as well. These reforms include digital systems for registration, filing, and payments.
Officials also discussed more market-based approaches to property valuations. Such systems could support improvements in property-tax administration.
The finance minister emphasized the need to move beyond reform planning. He called for practical implementation that can deliver measurable economic improvements.
The focus includes investment, economic activity, employment, and the business environment. Both sides agreed to maintain cooperation on the reform agenda.
The World Bank and Pakistan will continue discussions on economic reforms. Their cooperation will focus on private-sector-led growth and institutional improvements.
In other related news also read Pakistan Inflation Remains Above 10% for Second Month
The two sides also highlighted more efficient use of public resources. The ongoing reform program is expected to cover multiple areas of Pakistan’s economy.
