ISLAMABAD, July 31 (Alliance News): Prime Minister Muhammad Shehbaz Sharif on Friday reaffirmed Pakistan’s commitment to economic reforms and directed the formation of a high-level committee to review the World Bank’s report on fiscal federalism.
Talking to a World Bank delegation led by Country Director for Pakistan Bolormaa Amgaabazar, the prime minister said Pakistan’s constitutional federal structure, provincial autonomy, and cooperation between the federation and provinces were fundamental to the country’s development and stability.
Welcoming the delegation, Prime Minister Shehbaz Sharif appreciated Pakistan’s longstanding partnership with the World Bank and its continued support for the country’s socio-economic development.
He said the government was vigorously pursuing its reform agenda to place the economy on a path of stability and sustainable growth.
The prime minister described the World Bank’s analysis and its comparison with international experiences as valuable for policymaking. He said such studies provided useful guidance for developing effective economic policies.
Prime Minister Shehbaz Sharif directed the formation of a high-level committee to comprehensively examine the World Bank report titled “Strengthening Fiscal Federalism in Pakistan.”
The committee will review the report’s recommendations in consultation with relevant stakeholders, including provincial governments, while taking into account Pakistan’s constitutional and federal structure.
The prime minister said workable proposals should be considered in the public interest.
During the meeting, the World Bank delegation briefed the prime minister on the report’s key findings, including the evolution of fiscal federalism following the 18th Constitutional Amendment and the 7th National Finance Commission (NFC) Award.
The delegation also discussed revenues, expenditures, federal-provincial fiscal relations, institutional coordination and the utilisation of public resources.
The World Bank presented policy recommendations aimed at strengthening fiscal discipline, improving the use of public resources, enhancing service delivery and promoting better coordination between federal and provincial institutions.
Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Federal Ministers Ahad Khan Cheema and Ahsan Iqbal, Prime Minister’s Adviser Dr Syed Tauqir Shah, Minister of State Bilal Azhar Kayani and senior government officials attended the meeting.
