Pakistan pursuing reforms for economic stability: PM Shehbaz

Islamabad (Web Desk): Prime Minister Shehbaz Sharif has reaffirmed the government's commitment to implementing wide-ranging reforms aimed at strengthening Pakistan's economy, maintaining stability, and ensuring long-term, sustainable growth.

He made these remarks during a meeting in Islamabad with a World Bank delegation led by Country Director Bolormaa Amgaabazar.

Welcoming the delegation, the prime minister praised the longstanding partnership between Pakistan and the World Bank, acknowledging the institution's important role in supporting the country's economic and social development over the years.

He also expressed gratitude for the World Bank's continued assistance in Pakistan's development efforts.

Shehbaz Sharif stressed that Pakistan's constitutional federal system, provincial autonomy, and strong coordination between the federal and provincial governments remain essential for the country's stability, progress, and overall development.

During the meeting, the World Bank Country Director presented a report titled Strengthening Fiscal Federalism in Pakistan and briefed the prime minister on its major findings.

The delegation explained that the report examines the evolution of Pakistan's fiscal federal system following the 18th Constitutional Amendment and the 7th National Finance Commission (NFC) Award.

It reviews key areas including revenue mobilisation, public spending, fiscal relations between the federation and provinces, institutional coordination, and the effective management of public resources.

The World Bank team also outlined a series of policy recommendations designed to strengthen fiscal discipline, improve the efficient use of public funds, enhance the delivery of public services, and promote closer coordination between federal and provincial institutions.

The prime minister welcomed the report's detailed assessment and its comparison with international best practices, saying such research offers valuable insights for shaping sound public policy.

He directed the establishment of a high-level committee to undertake a thorough review of the report.

According to the prime minister's instructions, the committee will examine the World Bank's recommendations in consultation with all relevant stakeholders, including the provincial governments, while ensuring that Pakistan's constitutional and federal framework remains central to the review. The objective is to develop practical proposals that serve the broader national interest.