Planning Minister Prof. Ahsan Iqbal Meets World Bank Group Delegation to Strengthen Economic Collaboration
17 Feb 2025
Islamabad: Planning Minister Prof. Ahsan Iqbal, hosted a high-level delegation of Executive Directors and Alternate Executive Directors from the World Bank Group (WBG). The visit aimed to deepen the collaboration between Pakistan and the WBG, focusing on sustainable and inclusive economic growth. During the meeting, Prof. Ahsan Iqbal provided a briefing on Pakistan's economic challenges and future agenda, emphasizing the transformative Uraan Pakistan 5Es National Transformational Plan, which is centered on five key pillars: Export-led growth, Energy, Environment, Equity, and Empowerment.
Minister Iqbal stated that to boost Pakistan's economy, the government has introduced the Uraan Pakistan 5Es National Transformational Plan, with the first 'E' focusing on an export-led growth strategy. He highlighted that Government aims to break the cycle of dependency on imports by developing Pakistan's export potential.
"To pay for imports, we need to earn dollars, and to achieve this, we must focus on developing export potential in key sectors," he said.
He identified eight critical areas for development: Agriculture, Industry, Service Sector, IT, Manpower Export, Mining, Blue Economy, and Creative Industries. "We need to develop clusters in these sectors to harness our full potential," he added. Drawing parallels with countries like Malaysia and South Korea, he underscored the urgency of increasing Pakistan's exports to $60 Billion in the next 5 years.
The Planning Minister also addressed the energy and water crises, stating that these are among Pakistan's biggest challenges. He outlined the government's commitment to transitioning from fossil fuels to renewable and green energy. "Efficient and affordable energy is crucial for our economic transformation. Unless we have efficient energy, we cannot make it affordable," he said. He highlighted the establishment of the National Economic Transformation Unit (NETU) to facilitate sectoral plans aligned with the Uraan Pakistan goals. "Each Ministry has developed a sectoral plan to meet the Uraan Pakistan goals, and NETU has been set up to work with ministries and act as a facilitator," he added.
Minister Iqbal reiterated the government's focus on equity, ethics, and empowerment as key priorities. He emphasized the importance of public-private partnerships in driving economic growth and the critical role of women in the national economy. "Equity, ethics, and empowerment are central to our development agenda. The Government is taking measures to ensure that women are actively participating in the economy, as their role is vital for sustainable growth," he stated.
He also called for international development institutions to create instruments that help vulnerable countries sustain the burden of climate change without compromising their development goals. "The international community must think in terms of innovative financial instruments to help the most vulnerable countries cope with the climate change burden. He referenced the devastating floods in 2022 that hit the poorest regions of Pakistan, emphasizing the need for a development-focused approach rather than a myopic one. "The World Bank, unlike the IMF, has a development perspective, which is crucial for addressing long-term challenges," he added.
The World Bank's partnership framework aligns closely with Pakistan's 5Es plan, and the delegation's visit underscored the WBG's commitment to supporting Pakistan's development priorities, particularly in the context of the new Country Partnership Framework. The discussions also covered strategic issues related to WBG engagements in Pakistan, signaling continued support for the country's inclusive and sustainable growth.
The Planning Minister highlighted that Pakistan has made significant economic progress since the launch of the 5Es framework. Key achievements include the completion of the IMF Stand-By Arrangement (SBA), recording the lowest ever current account deficit, achieving 11.5% export growth, allocating PKR 500 billion for social protection programs, increasing forex reserves by 40-44%, reducing inflation to 7% after 35 months, recording the highest growth in IT exports at 24%, and improving credit rating and industrial value addition. Minister Iqbal expressed his optimism about the continued cooperation with the World Bank, describing it as one of Pakistan's strongest development partners.
The meeting was attended by Secretary Planning Mr. Awais Manzur Sumra, members of the Planning Commission, and senior officials. The discussions have laid a solid foundation for future collaboration, focusing on sustainable development and economic resilience. The Government of Pakistan remains committed to leveraging international support to achieve its developmental goals and ensure a prosperous future for its citizens.
17 Feb 2025
Islamabad: Planning Minister Prof. Ahsan Iqbal, hosted a high-level delegation of Executive Directors and Alternate Executive Directors from the World Bank Group (WBG). The visit aimed to deepen the collaboration between Pakistan and the WBG, focusing on sustainable and inclusive economic growth. During the meeting, Prof. Ahsan Iqbal provided a briefing on Pakistan's economic challenges and future agenda, emphasizing the transformative Uraan Pakistan 5Es National Transformational Plan, which is centered on five key pillars: Export-led growth, Energy, Environment, Equity, and Empowerment.
Minister Iqbal stated that to boost Pakistan's economy, the government has introduced the Uraan Pakistan 5Es National Transformational Plan, with the first 'E' focusing on an export-led growth strategy. He highlighted that Government aims to break the cycle of dependency on imports by developing Pakistan's export potential.
"To pay for imports, we need to earn dollars, and to achieve this, we must focus on developing export potential in key sectors," he said.
He identified eight critical areas for development: Agriculture, Industry, Service Sector, IT, Manpower Export, Mining, Blue Economy, and Creative Industries. "We need to develop clusters in these sectors to harness our full potential," he added. Drawing parallels with countries like Malaysia and South Korea, he underscored the urgency of increasing Pakistan's exports to $60 Billion in the next 5 years.
The Planning Minister also addressed the energy and water crises, stating that these are among Pakistan's biggest challenges. He outlined the government's commitment to transitioning from fossil fuels to renewable and green energy. "Efficient and affordable energy is crucial for our economic transformation. Unless we have efficient energy, we cannot make it affordable," he said. He highlighted the establishment of the National Economic Transformation Unit (NETU) to facilitate sectoral plans aligned with the Uraan Pakistan goals. "Each Ministry has developed a sectoral plan to meet the Uraan Pakistan goals, and NETU has been set up to work with ministries and act as a facilitator," he added.
Minister Iqbal reiterated the government's focus on equity, ethics, and empowerment as key priorities. He emphasized the importance of public-private partnerships in driving economic growth and the critical role of women in the national economy. "Equity, ethics, and empowerment are central to our development agenda. The Government is taking measures to ensure that women are actively participating in the economy, as their role is vital for sustainable growth," he stated.
He also called for international development institutions to create instruments that help vulnerable countries sustain the burden of climate change without compromising their development goals. "The international community must think in terms of innovative financial instruments to help the most vulnerable countries cope with the climate change burden. He referenced the devastating floods in 2022 that hit the poorest regions of Pakistan, emphasizing the need for a development-focused approach rather than a myopic one. "The World Bank, unlike the IMF, has a development perspective, which is crucial for addressing long-term challenges," he added.
The World Bank's partnership framework aligns closely with Pakistan's 5Es plan, and the delegation's visit underscored the WBG's commitment to supporting Pakistan's development priorities, particularly in the context of the new Country Partnership Framework. The discussions also covered strategic issues related to WBG engagements in Pakistan, signaling continued support for the country's inclusive and sustainable growth.
The Planning Minister highlighted that Pakistan has made significant economic progress since the launch of the 5Es framework. Key achievements include the completion of the IMF Stand-By Arrangement (SBA), recording the lowest ever current account deficit, achieving 11.5% export growth, allocating PKR 500 billion for social protection programs, increasing forex reserves by 40-44%, reducing inflation to 7% after 35 months, recording the highest growth in IT exports at 24%, and improving credit rating and industrial value addition. Minister Iqbal expressed his optimism about the continued cooperation with the World Bank, describing it as one of Pakistan's strongest development partners.
The meeting was attended by Secretary Planning Mr. Awais Manzur Sumra, members of the Planning Commission, and senior officials. The discussions have laid a solid foundation for future collaboration, focusing on sustainable development and economic resilience. The Government of Pakistan remains committed to leveraging international support to achieve its developmental goals and ensure a prosperous future for its citizens.